Monday, August 6, 2012

Housing News Digest, August 6

UPDATE: The two squatters mentioned in this adverse possession case, have now been charged with criminal trespass.

Equity firm buys downtown Boulder property BOULDER — Conscience Bay Co., a Boulder-based private equity firm that invests in real estate, recently acquired two office and retail buildings in downtown Boulder for $16.1 million. The properties, at 919-951 Pearl St. and 2005-2019 Tenth St., total 42,000 square feet and have 13 office suites and nine retail/restaurant spaces, according to Eli Feldman, president of Conscience Bay Co.

Mortgage Rates Climb After Months of Record Lows Freddie Mac announced Thursday that after more than three months of record-low drops, mortgage rates slid up this week. Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage (FRM) averaged 3.55 percent (0.7 point) for the week ending August 2, up from 3.49 percent the previous week. Before this week, the average 30-year FRM had fallen to or matched record-low levels for 13 of the past 14 weeks.

Home sales activity sizzles in July It wasn’t just the weather that was hot in July. “The Denver housing market was hot, hot, hot,” said independent broker, Gary Bauer. Bauer, on Thursday, released a report on July that showed the number of contracts on homes sold by Realtors in the Denver area rose by 23.2 percent last month from July 2011. Closings, meanwhile, rose by 20.4 percent.

Bank startups grind to a halt in Colorado As big international banks keep getting bigger, the number of new banks being chartered in the United States has dried up since 2009. In 2000, there were 158 new banks in the United States, and even as late as 2006, charters went to 152 new ones, according to a report by SNL Financial, a business analysis and information firm based in Charlottesville, Va. In 2010, there were two new banks that got charters and last year, there were no new U.S. banks chartered.

Minorities To Be Paid In Mortgage Discrimination Suits When Davelle Reggans heard that her former lender had settled a federal lawsuit claiming discrimination against African-American and Latinos for $335 million, the story sounded familiar. Reggans, an African-American, had great credit and no debt when she took out a Countrywide mortgage on a 1,200-square-foot condo in Aurora. She expected a low, fixed-rate loan. But instead, the broker she trusted surprised her at closing with a mortgage that kept rising, way past the original 6.3 percent.