Wednesday, March 20, 2013

Housing News Digest, March 20

Foreclosure filings in Colorado metro counties drop 43 percent Foreclosure filings in Colorado metro counties were down 43.6 percent during February 2013, falling year over year to the lowest level recorded in any month since the Colorado Division of Housing began collecting monthly totals. According to a report released Wednesday by the Colorado Division of Housing, foreclosure filings in Colorado metropolitan counties dropped from 2,056 in February 2012 to 1,160 in February 2013.

  Modular Homes Offer Additional Use of Land Near Downtown Colorado Springs A Boulder, Colorado-based land developer has found an unusual way to offer a solution to a growing land-use problem in downtown Colorado Springs. Newton owns about a half acre of property, where he has installed five factory-built modular homes near Kiowa and El Paso streets. There is a sixth home expected to be delivered soon as well.

  Moving dirt at Windsor Meadows The Windsor Housing Authority broke ground Monday afternoon on the town’s first affordable housing development in the past 25 years. Windsor Meadows, the 44-unit, low-income, multifamily apartment home project will begin construction on the corner of Millfleet and Windshire Drives near Country Road 15 and open its doors around December.

  Foreclosure filings down to lowest point in seven years The number of foreclosure auction sales also declined to the lowest level in seven years to 725. That’s a 42 percent year-over-year drop. Year to date, filings were down 34 percent from the same point in 2012 to 3,995, according to the report. Sales also slipped 31 percent from the first two months of 2012.

  Stretching the market: School district enrollments affect real estate values School District 11 covers the residential heart of Colorado Springs, but in recent years, many of the district’s schools and the neighborhoods around them have been suffering. Whether the ailing schools affected the neighborhoods or vice versa, no one really knows. What is certain, however, is that the downward spiral has resulted in a string of commercial real estate vacancies, comparatively lower home values and plummeting student levels.