Friday, July 13, 2012

Housing News Digest, July 13

Developers making plans for I-225 light-rail corridor Developers are making plans for transit-oriented development projects along the Interstate 225 light-rail line, the Aurora Sentinel reports. The Regional Transportation District will decide later this month whether to award the contract to build the line to Kiewit Infrastructure Co. That news was enough to start developers talking about what sort of projects could be built along the 10.5-mile line.

 Colorado Housing Hangover Saps Taxes as School Obligation Grows In Colorado, the decline in property-tax revenue, coupled with a falloff in sales and income taxes, meant schools got $1 billion less than they needed to cover expenses over the past four years, Leanne Emm, assistant commissioner of public school finance for the Colorado Department of Education, said in an interview. Foreclosure sales in Colorado fell to 19,600 in 2011, down 22 percent from a peak of 25,054 in 2007 and the lowest level since the housing crisis began in 2006, according to data from the Colorado Division of Housing. Housing prices in the Denver metro area, meanwhile, rose 3 percent since last September and are down 8.5 percent from their peak in March 2006, according to the S&P Case-Shiller Index.

Here's One Way to Resolve Housing Mess, But Is It Legal? You have been paying on this mortgage, but you owe more than your home is currently worth. Imagine if you were then told that the size of your mortgage had been reduced to that current value, so your monthly payments are now lower. Jackpot! Right? That’s just what could happen, as county officials in San Bernardino County, California Friday looked into the possibility of using the powers of eminent domain to seize underwater mortgages and cut their principal balances.

 Housing Passes a Milestone The housing market has turned—at last. The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing. Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

 Group reviews Colorado tax credit program DENVER (AP) — An official leading a review of tax credits designed to promote Colorado economies in distressed areas said Wednesday that the goal of the study is to restore confidence in the decades-old program, which now covers most of the state.