Thursday, June 9, 2011

Housing News Digest, June 9

Shiller predicts further home price declines up to 25%
While other people expect home prices to bounce along the bottom for a while without going up much, Robert Shiller is inclined to be more pessimistic.

There is room for home prices to decline another 10% to 25% in real terms over the next five years, according to Shiller.

Speaking at a Standard & Poor’s Housing Summit in New York on Thursday, the Yale University professor and co-founder of the S&P Case-Shiller Home Price Indices, noted that the current downturn is the biggest ever in U.S. history in terms of the peak to trough housing price collapse.

Wood Partners' Alta Aspen Grove Opens in Littleton Amid Pent-Up Demand for Luxury Apartment Homes
LITTLETON, CO--(Marketwire - Jun 9, 2011) - Alta Aspen Grove, a new luxury apartment community in this supply-constrained suburb of Denver, officially opened its doors today to a market of such pent-up demand that renters already are signing up to live there.

"We now have 15 leases signed and more than 150 people on the interest list," said Tim McEntee, director of the Colorado operations for Wood Partners LLC, one of the nation's largest and most active multifamily real estate firms that also developed Glass House Denver.

Feds stop paying fees to three banks

The Obama administration will stop paying Wells Fargo, J.P. Morgan Chase and Bank of America for participating in a foreclosure prevention program until the banks improve their performance, The Washington Post reports.
The banks are paid at least $1,000 for each loan they permanently modify to help struggling homeowners. But that money will stop after the administration found the three banks were failing to meet basic requirements of the program, including properly contacting borrowers.

Green Buildings Hazardous to Health? Report Cites Risks of Weatherization
The buildings commonly referred to as "green" could actually be hazardous to your health, according to a new report.
That's one of many warnings out of a new report from the Institute of Medicine, which tracked the potential impact of climate change on indoor environments.

Hannay expands into Colorado
Hannay Investment Properties, a 50-year-old Phoenix commercial real estate and investment company, has expanded into the Colorado Market.