Tuesday, May 26, 2009

Denver reports least-bad Case Shiller home price data

Here is the PDF summary of the latest Case-Shiller home value data. You'll see that Denver had the smallest decline in home prices over the past year, with Dallas a close second.

Most other areas reported declines of 10-25 percent.

See chart below:

Friday, May 22, 2009

Denver chosen as top recovering real estate market

Here's the clip of the Today show that was mentioned by dozens of Colorado news outlets this week.

Denver was indeed selected as the most likely real estate market to recover. Here is one of the most relevant comments to us:

“It had one the highest foreclosure rate sin the nation -for years running- and now they’ve cut that rate in half, and it’s turned the corner”

Thursday, May 21, 2009

Apartment vacancies rise across Colorado

Click here for the full report.

The Colorado statewide apartment vacancy rate for 2009's first quarter increased to 8.5 percent, rising from 2008's first quarter rate of 6.1 percent. According to a report released Thursday by the Department of Local Affairs' Division of Housing, eighteen of the twenty-two areas surveyed reported increases in vacancy compared to the first quarter of 2008.

The four areas that reported falling vacancies were Fort Collins, "Southeastern Colorado." Steamboat Springs, and Summit County. With the exception of Fort Collins, all metropolitan areas of the state reported increasing vacancies including Colorado Springs, Loveland, Grand Junction, Greeley and Pueblo. The Denver metro area, measured in a separate survey released earlier this quarter, reported increases in vacancies as well.

On the Front Range, Colorado Springs reported the highest vacancy rate of 11.7 percent compared to 9.0 percent a year earlier. Vacancy rates in Colorado Springs have generally hovered between 9 percent and 12 percent since 2003.

Pueblo's vacancy rate rose year over year from 6 percent to 7.4 percent, while vacancies in Greeley rose from 7.3 percent to 8.4 percent. The increase in vacancies in Loveland was relatively small where vacancies rose from 5.6 percent to 6.1 percent. Denver metro vacancies, measured in a separate survey, rose from 5.9 percent to 8.5 percent during the same period.

In the central mountains, results were mixed with Alamosa and Buena Vista reporting unusually high vacancy rates of 12.9 percent and 16.7 percent respectively. Glenwood Springs, Eagle County, and Summit County on the other hand, all continued trends of low vacancy rates with rates of 1.5 percent, 2.1 percent, and 2.7 percent respectively.

In general, a vacancy rate of 5 percent is considered an "equilibrium rate." A rate of 3 percent or less signals a tight market.

"This is a trend throughout the state," said Gordon Von Stroh, professor of Business at the University of Denver, and the report's author. "In recent years, only certain areas of the Front Range have seen notable increases in vacancies, but we're experiencing a more general rise now."

Average rent levels were mixed throughout the state. Fort Collins led the state in rent increases as average rents rose from $760.21 during the first quarter of last year to $860.81 during first quarter of this year. Grand Junction also reported significant growth in rents as average rents increased from $648.57 to $680.35 year over year.

Average rents were largely flat or fell in Alamosa, Aspen, Canon city, Colorado Springs, Loveland, Ft. Morgan/Brush, Montrose, Pueblo, Salida, Sterling, and Summit County.

The Vacancy and Rent Surveys are a service provided by the Colorado Division of Housing to renters and the multi-family housing industry on a quarterly basis. The Colorado Vacancy and Rent Survey reports averages and, as a result, there are often differences in rental and vacancy rates by size, location, age of building, and apartment type. The Report is available online at the Division of Housing web site.

Cross posted at http://dola.colorado.gov/newsletter/main?newsletter_item_id=1089

Monday, May 18, 2009

Job Opening: Neighborhood Stabilization Program Manager

Must apply by this Friday, May 22

See full announcement:

Information About The Job:
DUTIES: The position will implement the Neighborhood Stabilization Program (NSP), a new $37 million program created through the Housing and Economic Recovery Act that provides for the acquisition of foreclosed properties for rehabilitation, sale, or rental. This position will serve as the program manager, providing consultative services and technical assistance to program staff, governmental agencies community organizations and/or the general public. Work involves managing multiple technical contracts relating to NSP program delivery, including subgrantees and consultants; monitoring contract compliance and time of expenditure of funds by contractors; developing procedures for implementation, administration, and evaluation of NSP plans and programs, and measures and reports progress; coordinates workshops and trainings including preparing technical material and other technical assistance delivery methods for subgrantees; and convenes and consults with entities and subgrantees, internal staff and/or external contractors who conduct on-site, in-depth reviews of contracts for compliance with federal and state regulations and requirements.

MINIMUM QUALIFICATIONS: Qualified applicants must have a Bachelor’s degree from an accredited college or university in a related field and three years of experience with state and federal housing programs including CDBG and HOME planning and regulation, project management, and contract management; working knowledge of foreclosure processes; mortgage lending industry; real estate; and homeownership programs.
SUBSTITUTIONS: Professional work experience with state and federal housing programs including CDBG and HOME planning and regulation, project management, and contract management which provided the same kind, amount and level of knowledge acquired in the required education, may be substituted on a year-for-year basis for the bachelor's degree.

Friday, May 15, 2009

Lead-Safe Work Practices Training Seminar

For more information or to register call:

Bryan Gallagher : (719) 553-2849

HUD Approved 8 hour
training course for
Lead Safe Work Practices

June 4, 2009
8:00 am - 5:00 pm

Training to be held at the:
Pueblo Convention Center
North Ballroom
320 Central Main Street
Pueblo, Colorado 81003

Click here for more information.

New Interim Director at the Division of Housing

Teresa Duran will serve as the Interim Director of the Division of Housing due to the resignation of Kathi Williams. This change is effective immediately. The appointment of a new Division Director is pending

HPRP Plan changes - Public Meeting

The Colorado Department of Local Affairs, Division of Housing has changed its HPRP (Homelessness Prevention and Rapid Re-Housing Program) Substantial Amendment in response to comments offered by the public at the hearings and in writing. To learn more about the changes, come to our meeting on Monday, May 18th at 1313 Sherman St., Room 318.

We will meet from 2:00 to 3:00 p.m. and present the changes, followed by a question and answer period.

Tuesday, May 12, 2009

UPDATED: Trainings on CDOH Applications and Contracts

UPDATED & CORRECTED: Trainings on CDOH Applications and Contracts

Note: Durango meeting is on June 4th, not June 5th


New trainings in Grand Junction and Durango.

Grand Junction: May 22
Durango: June 4

What you will learn:

* Overview of the new DOH application cycle
and funding policies

* Changes to the application form and
supporting documents

* Overview of Federal regulations
associated with use of funds (Uniform
Relocation, Davis-Bacon, Fair Housing,
Environmental Review, and Lead Based

* Review of the contracting, reporting, and
monitoring processes

* Understanding the ongoing compliance
aspects of your contract

Following the presentations, you⿿ll have an
opportunity to meet with the Developer from
your area. So bring your ⿿work in progress⿝
applications with you!

Click here to access training brochures and location directions.

New Request for Grant Applications From the Division of Housing

New Request for Grant Applications: Building Foreclosure Prevention in Targeted Neighborhoods

The State of Colorado, Department of Local Affairs, Division of Housing ("Department" and "Division", respectively) is seeking proposals from HUD-approved housing counseling agencies or non-profit agencies with experience in foreclosure prevention that can assist in building capacity for foreclosure prevention services in Colorado neighborhoods with substantial low-income Hispanic/Latino and/or African-American populations.

The Colorado Division of Housing seeks to assist local communities in meeting their housing goals and to ensure that Coloradans live in "safe, decent, and affordable housing." The Division does this in part by making grants and loans to local communities; non-profit organizations; for-profit organizations; housing authorities; and other organizations seeking to improve the supply and quality of affordable housing in Colorado.

In recent years, assisting non-profits and local communities with foreclosure prevention has been a priority for the Colorado Division of Housing. The Division is partnering with the Colorado Foreclosure Hotline and its sponsors to ensure that Coloradans have access to the educational and technical services provided by housing counseling agencies.

Research commissioned by the Colorado Division of Civil Rights has shown that communities with high populations of Latinos and African-Americans often exhibit higher-than average levels of sub-prime lending. The study is available here.

The Request for Grant Applications and the appendix are available here: http://dola.colorado.gov/newsletter/main?newsletter_item_id=1051

New HUD Budget Summary

HUD's FY 2010 budget summary is now online: http://www.hud.gov/budgetsummary2010/fy10budget.pdf

It has been prepared by Enterprise Community Partners.

Monday, May 11, 2009

Completed foreclosures fall 26 percent

Click here for full report.

Completed foreclosures fall 26 percent

Completed foreclosures continued a downward slide in Colorado as first quarter totals for completed foreclosures fell 26 percent below last year’s totals. According to a report released Monday by the Department of Local Affairs’ Division of Housing, there were 4,354 completed foreclosures during the first quarter of 2009, falling from a total of 5,899 for the same period last year.

Quarterly totals of completed foreclosures fell for the third time in three quarters as completed foreclosures fell 14 percent from the fourth quarter of 2008 to the first quarter of 2009.

New foreclosure filings which begin the foreclosure process, on the other hand, increased for the third time in three quarters as foreclosure filings climbed 13 percent to 10,745 from the fourth quarter’s total of 9,481.

Comparing year-over-year however, new filings were down, and fell 8 percent from 2008’s first quarter total of 11,634.

The first quarter’s declines mark the largest year-over-year decreases in completed foreclosures since the Division of Housing began collecting data in 2006.

The statewide declines in foreclosure activity were driven by sharp drops in foreclosures in Adams, Arapahoe, Denver and Weld Counties, continuing a trend that began in 2008. In 2006 and 2007, Adams, Denver, Arapahoe, and Weld counties were the hardest hit counties, but totals in completed foreclosures in Adams, Arapahoe and Denver began to decline significantly by the middle of 2008. By the end of 2008, Weld County began to experience falling totals as well.

Compared year over year, completed foreclosures dropped 33 percent in Adams County, 37 percent in Arapahoe County and 48 percent in Denver County. In Weld County, completed foreclosures fell by 21 percent.

For the second quarter in a row, El Paso County was the one metropolitan Front Range county that reported growth in both foreclosure filings and completed foreclosures. Completed foreclosures increased 3 percent year-over-year, and foreclosure filings increased 6 percent during the same period.

“We continue to be cautiously optimistic,” said Kathi Williams, Director of the Division of Housing. “Unemployment continues to be a concern as do future resets on adjustable rate mortgages. Of course, other states have these same dynamics, but their foreclosure rates are going up while ours are stabilizing. That’s a good sign for us.”

Observers note that there may be several reasons for the drop in the rate of growth in foreclosure filings. The Colorado Foreclosure Hotline (1-877-601-HOPE) has been in place for over two years now, and according to Hotline records, almost 10,000 households have been able to avoid foreclosure through the Hotline since it was launched in 2006.

Mortgage lenders have also been much slower in foreclosing on properties in recent months than in the past. Lenders have devoted more staff to working with borrowers in modifying mortgages or putting in place repayment plans.

However, even as growth rates moderate in many areas, foreclosure rates remain at historic highs. All types of foreclosure activity have more than doubled since 2004 when there were only 16,801 foreclosure filings and 7,782 completed foreclosures.

The highest rate in a metropolitan county was found in Adams County where there was 1 foreclosure for every 238 households. In Weld County, there was 1 filing for every 245 households, and 1 for every 352 households in Denver County.

The latest data reinforces past claims that high foreclosure rates are somewhat restricted to the Front Range and eastern Colorado. Counties in western Colorado experienced much lower foreclosure rates. Mesa County reported 1 foreclosure filing for every 1,260 households, and La Plata County reported 1 for every 944 households. Garfield County reported 1 for every 6,772 households.

The Colorado Division of Housing is a division of the Colorado Department of Local Affairs and collects foreclosure data from Public Trustees on a quarterly basis. The report, and past foreclosure reports, can be accessed online at the Colorado Division of Housing Web Site at http://dola.colorado.gov/cdh/.

Monday, May 4, 2009

New NOFA for NSP-2 posted

The Notice of Funding Availability (NOFA) for the second round of Neighborhood Stabilization Program (NSP-2) funding was published by HUD today. It can be found here.

Secretary Donovan’s statement regarding the publication of the notice can be found at http://www.hud.gov/news/release.cfm?content=pr09-047.cfm