Tuesday, March 6, 2012

Housing News Digest, March 6

Colorado's share of mortgage settlement will stay close to homes

From more counseling for homeowners facing foreclosure to housing for homeless veterans, the ideas are varied for how to use a flexible pot of $52.5 million coming to Colorado as part of a national settlement with mortgage lenders, but lawmakers insist the money won't be used to help fix the state budget.

The $25 billion settlement with the nation's five largest mortgage lenders means a total of $204.6 million for Colorado, most of which is spoken for in the form of relief to borrowers of the five banks. That relief will include reduction of loan principal, refinancing assistance and direct payments to homeowners affected by the banks' improper foreclosure processes.

Vail Resorts reports drop in skier visits
Numbers were down for each of Vail Resort’s revenue streams -- mountain, lodging and real estate – pulling the company’s total revenue down to $373.3 million from $395.1 million a year earlier. Vail Resorts posted a profit of $46.4 million for the quarter, off from $54.5 million in the second quarter of 2011.

Bradford Publishing Releases the Second Edition of the Most Comprehensive Treatise Ever Compiled About Colorado Real Property

George Reeves, a real property law veteran with almost 40 years of experience, has compiled this essential treatise on Colorado real property law. Providing almost 200 years of state land history in one source, this book is filled with reference material for real property lawyers, litigators, title professionals, and law professors, as well as anyone who needs detailed information about Colorado law on real property.

Real estate sales in Colorado's six resort counties, in dollar terms, fell more than 10 percent in 2011, a year that saw hopes for a rebound fizzle.

Colorado resort homes sell at slower pace, lower prices

While high-end pockets like Aspen, Snowmass, Vail Village and Beaver Creek enjoyed strong sales last year, the widespread boomtimes that saw prices peak in 2007 and four mountain counties surge past $1 billion in annual sales seem long gone.

Obama to unveil housing plan

WASHINGTON — President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration’s latest efforts to address a persistent housing crisis.

In his first full news conference of the year Tuesday, Obama was to announce plans to let borrowers with mortgages insured by the Federal Housing Administration refinance at lower rates, saving the average homeowner more than $1,000 a year. Obama also was detailing an agreement with major lenders to compensate service members and veterans who were wrongfully foreclosed upon or denied lower interest rates.