Thursday, November 10, 2011

Housing News Digest, November 10

Apartment rents hit high in Springs
The average monthly rent in the Colorado Springs metro area hit a new high during the third quarter of 2011, climbing to $778 at the end of the third quarter, according to a report by the Colorado Division of Housing and the Apartment Association of Southern Colorado.

Report shows rent on the rise (Fox21)
COLORADO SPRINGS, COLO. -- Does it feel like you are paying a little more for rent? Chances are, you are.

In a report released Thursday by the Colorado Division of Housing and the Apartment Association of Southern Colorado, Colorado Springs apartment rents have hit an all time high, climbing by 6.7% during the third quarter of 2011.

The average rent rose 6.7 percent from the third quarter of 2010, when it stood at $729. It also increased from $759 in the second quarter. The median rent also hit an all-time high of $752 during the third quarter, rising 7.4 percent from 2010’s third-quarter median rent of $700. The average rent increased in all types of apartments measured, including all types of units from efficiency apartments to three-bedroom apartments.

The average rent also increased in all sub-markets measured during the third quarter except in Northeast Colorado Springs where the average rent dropped from $749 to $741, year-over -year. The average rent in the Southeast region of Colorado Springs, on the other hand, increased $87 from $605 during last year’s third quarter, to $692 during the same period this year.

Colorado No. 10 for foreclosures
Colorado had the 10th highest foreclosure rate in the nation in October, according to a RealtyTrac report released on Thursday.

The report showed that one out of every 458 households was in in some state of foreclosure last month. By contrast, the foreclosure rate for the nation was one out of every 563 households.

In Colorado, foreclosure activity in October fell by 17.8 percent from October 2010 and by 2.6 from September. That trails the 30.6 percent drop on a year-over-year basis and a 7.4 percent month-to-month drop for the entire country.

Commerce City welcomes $25 million Suncor office

Officials gathered today to celebrate the ceremonial groundbreaking for Suncor’s refinery $25 million office building in Commerce City.

The attending the ceremony for the 75,000-square-foot, two-story building at Brighton Boulevard and York Street included Commerce City Mayor Paul Natale, Ward I City Councilman Dominick Moreno and City Manager Jerry Flannery, as well as a number of people from the community and officials from the company.

Ginnie Mae calls 2011 'best year yet'
Ginnie Mae reported $1.18 billion in net income for the fiscal year 2011, more than double the $541 million the year before.

Ginnie guarantees timely payment of principal of interest on securities backed primarily by Federal Housing Administration and Veterans Affairs loans. The previous earnings high came at $96 million in 2008.