Housing News Digest, November 1

Fort Collins developer wants to replace 3 houses with studio apartments for students
A Fort Collins developer has proposed razing three homes on Remington Street, including a potentially historic home, to clear the way for a student-housing project.

The proposal from Robin and Christian Bachelet would include about 44 studio apartments in three buildings and a parking garage for up to 60 vehicles, across from the Colorado State University campus.

Triple Dip for Home Prices? Yes, But Not in the Hamptons

Anyone looking for evidence that there are two Americas should look at the latest round of real estate statistics.

On one hand, the financial analytics company FiServ warns that home prices are expected to fall 3.6% by next June, which would seem to confirm a “triple dip” for housing — the initial housing price skid in 2009, and then the price dip after the first-time homebuyer tax credit expired in 2010, and the current slope marking the three valleys.

Short Sales Offer Significant Discounts in Several Major Cities
With 9,145 completed short sales, the Los Angeles area had more short sale transactions than any other metropolitan statistical area (MSA) in the second quarter of this year, according to a recent blog post from RealtyTrac.

These short sales came with an average discount of 32 percent and at an average price of $350,237.

Phoenix ranked second in number of short sales for the second quarter with 8,434 short sales.

Construction Spending increased slightly in September

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2011 was estimated at a seasonally adjusted annual rate of $787.2 billion, 0.2 percent (±1.8%)* above the revised August estimate of $786.0 billion. The September figure is 1.3 percent (±1.9%)* below the September 2010 estimate of $797.3 billion.

Richmond No. 1
Richmond American Homes of Colorado, whose parent is Denver-based M.D.C. Holdings, continues to reign as the biggest builder in the metro area.

In the first nine months of the year, Richmond pulled permits for 325 homes, according to a report released today by the HBA of Metro Denver. Richmond’s nearest rival was Century Communities with 241 permits. Permit activity represents future construction.