Wednesday, July 20, 2011

Housing News Digest, July 20

Panel: Denver commercial real estate poised for rebound
All three commercial real estate market sectors in metro Denver stand poised for a rebound, some quicker than others, a panel of experts said Tuesday at the Colorado chapter of the NAIOP Commercial Real Estate Development Association’s annual mid-year forecast event.

Forest City writes check to Urban Peak
Forest City Stapleton, Inc. announced today it will make a $54,600 contribution to Urban Peak, representing the gross proceeds of ticket sales for the recent tours of the 2011 HGTV Green Home at Stapleton.

Urban Peak is a Denver-based nonprofit organization that provides a variety of services including shelter and meals, education, employment, housing, and medical care to help homeless young people.

Existing Home Sales in June: 4.77 million SAAR, 9.5 months of supply
Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.

On Track for Record Low Housing Completions in 2011
The Commerce Department reported that US manufactured housing shipments ran at a seasonally adjusted annual rate of 48,000 in May, up slightly from April’s 46,000, but still an incredibly low pace by historical standards.
Total housing production in 2011 should fall south of 600,000 units, compared to the 2.092 million housing units that came on line in 2006.

Survey Uncovers "Optimism" Among Counseled Distressed Homeowners
A number of government and industry studies indicate housing counseling increases the odds a distressed borrower will receive a loan modification or workout plan, and in many cases, counseling brings with it better, more sustainable terms.