Monday, July 11, 2011

Housing News Digest, July 11

2 Colorado banks closed by regulators
Two Colorado banks failed after 5 p.m. Friday, with state regulators closing Castle Rock-based Colorado Capital Bank and Windsor-based Signature Bank.
The Colorado Division of Banking shuttered the banks and appointed the Federal Deposit Insurance Corp. as the receiver for both.

Foreclosures plaguing midvalley real estate
The foreclosures that are plaguing the recovery of the midvalley real estate market are on pace to match last year's record levels in the middle and lower Roaring Fork Valley.

There were 85 home foreclosures in the Eagle County portion of the Roaring Fork Valley last year. There were 44 through the first half of this year, according to research of public documents by Garret Brandt, a real estate agent with the Fleisher Co.

In Garfield County, there were 179 foreclosures of homes in the Glenwood Springs and Carbondale zip codes last year. There have been 94 so far this year, Brandt's research shows.

Economy Faces a Jolt as Benefit Checks Run Out
Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics. In states hit hard by the downturn, like Arizona, Florida, Michigan and Ohio, residents derived even more of their income from the government.

Should valley residents rent or buy?
EAGLE COUNTY, Colorado — There's a question that's been asked almost since people moved out of caves: Should I rent or buy?

Like just about any open-ended question, the answer depends on everything from the condition of the local market to an individual's credit rating and risk tolerance. After reading a Wall Street Journal analysis of the question, the Eagle County Economic Council did some research on the local market. The report the group issued isn't pretty.

BofA, JPMorgan to Submit Foreclosure Plans Next Week
Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and five other mortgage servicers will have to meet a July 13 deadline to submit remedial plans for their foreclosure practices while federal and state officials continue working on broader settlement terms.