Thursday, December 1, 2011

Housing News Digest, December 1

Colorado in top 10 of states with negative equity

SANTA ANA, Calif. - Colorado is ranked No. 10 on California-based CoreLogic's list of the states with the highest negative home equity in the third quarter of 2011.

The report cited Greeley as having one of the highest rates of negative equity in the state, with 38.1 percent - or 20,573 - of all residential properties with a mortgage in negative equity during the quarter.

Broomfield eyeing ways to keep rent within reach
With deadlines looming for the city to claim some federal housing grant dollars for 2012, City Council on Tuesday directed staff to prepare a housing action plan to the development and preservation of local affordable housing.

The most controversial aspect of the discussion Tuesday focused on using $55,000 -- 31 percent of possible Community Development Block Grant money -- to help keep apartment rents low by working with nonprofits and private developers. The idea is variation of a plan council rejected in August, which would have had the city purchase and manage rental properties to ensure lower rents.

Vail Resorts narrows expansion plans to ski areas
Vail Resorts​ is opting for snow over sand, narrowing any new additions to its tony Rock Resorts portfolio to only its ski areas.

"The current economic and real estate environments make it difficult to realize the benefits of growing our lodging division outside of our mountain resorts and the National Parks," Rob Katz, chairman and chief executive of Vail Resorts, said in a statement released Wednesday. "We believe that by narrowing the focus of our Lodging segment, we will provide an enhanced experience for our guests and better long-term profitability."

Inspector general says housing regulator failed to stop Fannie, Freddie mortgage issues
WASHINGTON — A government watchdog said Fannie Mae and Freddie Mac improperly foreclosed on homeowners and cost the government billions of dollars by not holding major banks to strict underwriting requirements.

The report released Tuesday also said the Federal Housing Finance Agency gave “undue deference” to Fannie and Freddie officials and didn’t scrutinize more than $35 million in bonuses and compensation to Fannie and Freddie executives.