Thursday, February 6, 2014

Housing News Digest, February 6

Colorado Springs' unemployment rate at 5-year low, but not for best reasons
The Colorado Springs area unemployment rate fell to a five-year low of 7.5 percent in December, but only because more than 1,200 people left the labor force, the U.S. Bureau of Labor Statistics reported Wednesday.
The December jobless rate was down from 7.8 percent in November and 8.8 percent in December 2012. It is the lowest unemployment rate for the area since 7.1 percent of local workers were without jobs in December 2008, just as the recession was taking hold locally but still well above what it was before the downturn. 
Colorado Springs housing market continues to soften The number of homes selling in the Colorado Springs area continues to decline, The Gazette reports. January marks the third consecutive month for a drop in the area's homes, the newspaper reports, citing a study by the Pikes Peak Association of Realtors. There were 596 new and existing single-family homes that sold last month, a drop of almost 10 percent from January 2013. 

Study: Discrimination prevalent in metro Denver housing market Minorities and families face high rates of housing discrimination in Denver's increasingly competitive rental market, new evidence shows. African-Americans searching for rental housing in the metro area will encounter discrimination 67 percent of the time, while Latinos will face it 91 percent of the time, according to a Denver Metro Fair Housing Center report released Wednesday. 

Fort Collins bucks slowing Colorado housing marketWhile the Colorado Association of Realtors says housing markets across Colorado slowed in the fourth quarter, home sales rose by about 10 percent in the state’s northwest region. That brisk sales growth was reflected in Fort Collins, where single-family residential listings sold in December outpaced 2012 totals by more than 31 percent, according to the Fort Collins Board of Realtors. The tight market continued the decline of housing affordability within the city, which neared a three-year low on FCBR’s index. Single-family homes in the city sold for an average of $305,079 in 2013. 

$17.5 million senior housing project underway in Greeley GREELEY - A $17.5 million, 60-unit affordable apartment community for seniors age 55 and over is under construction in Greeley. The complex, called Chinook Wind Apartments, is located at 6622 W. 10th St. and will be complete in late 2014, according to a release from U.S. Bank, which financed the project. "Chinook Wind helps address the market's need for senior living options and provides specialized housing that goes a long way toward alleviating challenges that many seniors face in their daily lives," Beth Stohr, director of low-income housing tax credit investments for U.S. Bancorp Community Development Corporation, U.S. Bank's community development subsidiary, said in a statement.