Monday, August 6, 2012

Review for the week ending August 3

Last week, we released the second quarter's report for releases of deeds of trust in Colorado. Releases, which serve as an indicator of refi and sales activity, were up year-over-year, but were down from the first quarter. See here.  In an environment of record-low interest rates, this tells us that there are still significant roadblocks to buying and refinancing loans.

Seasonal increases in home prices continued, although a year-over-year trend in home price increases has yet to be established in the Case-Shiller composite index released on Tuesday. In Denver, however, prices were up again.

The Philly Fed's coincident index looks at economic conditions in each state. The "leading index" seeks to predict growth in the coincident index over the next six months. Earlier this month, the coincident index showed Colorado lagging the nation, and last week's leading index stated the Colorado will see no growth in its index over the past six months. Basically, this index is not bullish on Colorado.

We released on Thursday the second quarter's foreclosure data. Foreclosure filings are up slightly, and foreclosure auction sales are way down. We have monthly data too.

We also posted the lasted analysis of statewide building permits. Multifamily permits are way up, yet again.