Thursday, August 16, 2012

Housing News Digest, August 16

Vacancy rate for Denver area rental single-family units up slightly The highest vacancy rate was for five-bedroom residences at 5.5 percent while two-bedroom and four-bedroom residences had a vacancy rate of 1.8 percent. One-bedroom homes had a 1.9 percent vacancy. The median metro area rent was $995. For Adams County it was $1,087; Arapahoe, $950; Boulder/Broomfield, $1,312; Denver, $946; Douglas, $1,400 and Jefferson, $950. For those units that were vacant, the average days on the market was 25.8 in the second quarter down from 28.7 for the first quarter of 2012; and up from 15.7 for the second quarter of 2011.

Economist: Real estate market in better shape than most think RIFLE, Colorado — This region's real estate market probably is in better shape than most people feel it is, and is likely to rebound quicker than expected, according to a nationally recognized expert on real estate and the economy, who spoke here on Thursday. Lawrence Yun, chief economist and senior vice president of the National Association of Realtors, addressed the Glenwood Springs Association of Realtors at the organization's annual election and membership luncheon.

 Housing Starts Drop, Permits Jump; Jobless Claims Rise Groundbreaking on new U.S. homes unexpectedly fell in July and gains from the prior month were revised lower, a reminder of the housing markets weakness despite some recent signs of recovery. The Commerce Department said on Thursday that housing starts dropped 1.1 percent last month to a seasonally adjusted annual rate of 746,000 units.

Mortgage rates rise for third straight week Stronger economic activity placed upward pressure on long-term Treasury yields, and, in turn, lifted mortgage rates up for a third straight week. The Freddie Mac survey showed the 30-year, fixed-rate mortgage averaged 3.62% for the week ending Thursday, up from last week’s rise to 3.59%. Last year at this time, the 30-year FRM averaged 4.15%.