Thursday, November 15, 2012

Housing News Digest, November 15

FHA Nears Need for Taxpayer Funds The Federal Housing Administration is expected to report later this week that it could exhaust its reserves because of rising mortgage delinquencies ... That could result in the agency needing to draw on taxpayer funding for the first time in its 78-year history.

  Colorado 3Q apartment vacancy at 11-year-low, rents at record high Colorado apartment vacancy fell to an 11-year low in the third quarter of 2012, declining statewide while average rents reached all-time highs. A Colorado Division of Housing report released Thursday shows the combined vacancy rate for Colorado was 4.6 percent during the third quarter, compared to 5 percent in the third quarter of 2011. The recent report reflects the lowest vacancy rate recorded since the first quarter of 2001.

  Firestone rezones for apartments FIRESTONE -- Firestone took its first steps Wednesday toward getting a new apartment complex, the first new multi-family housing in the town since 2003. The Booth Farm development, planned for the northeast corner of Colorado Boulevard and Booth Drive, could start construction by late spring. Its first phase would have 201 apartments; Phase 2 would add another 90. The plans also call for a day care center on the site.

  Apartments planned for South Nevada Ave. Plans are afoot to replace aging storefronts along the 400-block of South Nevada Avenue with a mixed-use development of apartments and retail. Bob and Karen Elliott, through their company, Downtown Development Group, bought four lots, 408, 410, 412 and 414 S. Nevada Ave. during the El Paso County Public Trustee’s foreclosure auction Oct. 31.

Vacancy rate falls below 3% in Fort Collins, Loveland Multi-family vacancy rates have fallen even lower in Fort Collins and Loveland and remain just above 3 percent in Greeley. The latest data from the Colorado Division of Housing shows that the vacancy rate in the Fort Collins-Loveland market area fell to 2.1 percent in the third quarter, compared with 2.3 percent a year ago, and 3.5 percent in the previous quarter.