Monday, October 3, 2011

Housing News Digest, October 3

Construction Spending increased in August
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2011 was estimated at a seasonally adjusted annual rate of $799.1 billion, 1.4 percent (±2.1%)* above the revised July estimate of $788.3 billion. The August figure is 0.9 percent (±1.9%)* above the August 2010 estimate of $791.7 billion.

Solar decathlon competition builds efficient dream home
WASHINGTON - The Parson's team design was the most affordable of all the solar decathlon's entries in 2011, but they did not win the overall competition. The University of Maryland was 2011's big winner. No Colorado schools were represented in 2011.

The home they designed isn't just a dream home for the students at Parsons the New School for Design and Stevens Institute of Technology. it's also a dream for Lakiya Culley. It's the most affordable home in 2011's Department of Energy Solar Decathlon Competition, and soon it will be home for Culley and her young children.

Recession hits Colo. banks late; 5 fail this year
The downturn in real estate at a time of high unemployment, foreclosures and bankruptcies led to five Colorado bank failures this year that could cost the nation's deposit insurance fund about $1 billion, or about one-fifth of the fund's overall losses in 2011.

At least half a dozen more Colorado banks are under consent orders from the Federal Deposit Insurance Corp. to raise more capital.

Another dip for Colorado business index
A monthly index of expected business activity in Colorado, issued Monday by Denver economist Ernie Goss, slipped for the fourth straight month in September but remained in positive-growth territory.

Denver REIT wants stockholders to wait
Dividend Capital Total Realty Trust Inc. is asking shareholders to hold off on taking action on a minor shareholder’s bid to acquire a bigger piece of the Denver company.

The real estate investment trust said its board will consider the tender offer made by affiliates of MacKenzie Patterson Fuller LP and make a recommendation by Oct. 14.

But Goss -- director of the Denver-based Goss Institute for Economic Research and head of Creighton University's Economic Forecasting Group -- reported a "solid" rise in the state's manufacturing employment.