Wednesday, January 18, 2012

Housing News Digest, January 18

Denver economy falters in global comparison
Denver – along with most other metro areas in the United States – fared poorly in a report ranking the world’s fastest-growing economies released today by the Brookings Institution .

The performance of the Denver-area’s economy was among the weakest, with a 0.9 percent drop in income since 2010 and a 0.5 percent increase in employment. That puts Denver at No. 174 on the Brookings Institution’s list of 200.

Bohemian grants 36 nonprofits $517,574
Pat Stryker's Bohemian Foundation awarded $517,574 to 36 nonprofits through its fall Pharos Fund Grant Round.

The 36 nonprofit organizations are all involved with helping improve the quality of education and well-being of children, teens and families and promote community engagement, the foundation said in a news release.

Housing sales expected to rise in 2012
According to local realtor Jean Wheaton of Re/Max properties in the Tri-Lakes area there were 429 single family homes sold in 2010 and 400 sold in 2011. This includes new and existing homes. The average price for a single family home was $379,907 in 2010 and $375,387 in 2011 with the average price per square foot decreasing slightly.

The overall sales in Colorado Springs are up 3.5 percent from last year. Additionally, the inventory of unsold homes dropped 25.5 percent in Colorado Springs to 3,255 which is only a five-month supply at the December sales rate.

Calpers to sell housing portfolio: report
Calpers, the biggest U.S. public pension fund, will sell the portfolio for $500 to $600 million, the Journal said, citing people familiar with the deal.

Calpers bought the property over the course of five years starting in 2002 and is likely suffering a loss of as much as 30 to 50 percent as the deal values each home site at no more than about $35,000, the Journal said.

National Apartment Vacancy To Dip Down to 5% by Year End
So says a 2012 National Apartment Report, which was released by Marcus & Millichap. Tight supply conditions exist, especially in metros with high barriers to entry, says the report. “Foreclosures in the single-family market, the inability of most Americans to meet mortgage financing requirements and households choosing rental housing for lifestyle reasons or employment mobility contributed to a net rise in apartments.”