Friday, March 11, 2011

Housing News Digest, March 11

House Committee Votes To Terminate HAMP
The House Financial Services Committee has voted 32-23 to shut down the Home Affordable Modification Program (HAMP). Rep. Patrick McHenry, R-N.C., who authored H.R.839 (the HAMP Termination Act), condemned the program for never reaching its intended goals.

The committee also voted to halt funding for the Neighborhood Stabilization Program (NSP) by approving H.R.861, the NSP Termination Act, introduced by Rep. Gary Miller, R-Calif. President Obama has stated that he would veto both bills if they were to pass both houses of Congress.

Luxury market: Prices up, sales down
Luxury home prices in the Denver area rose in February, but sales were down from February 2010 and from January, show two reports released today.

Although the reports, by independent broker Gary Bauer and Coldwell Banker Residential, showed slightly different numbers, they illustrated the same trend.

Energy park is proposed
Proposed by Loveland-based Harrison Resource Corp. and Niobrara Energy Park LLC, the planned 635-acre park could be a massive fossil fuels and renewable energy research, production and services hub feeding off the rapidly expanding Niobrara oil play and the solar and wind-power projects occurring throughout Larimer and Weld counties.

Colorado State University's College of Business Offers 'Housing Colorado's Future'
Designed to offer insights into the market of building, selling and financing residential real estate in Colorado, real estate experts will offer key information setting the stage for the state’s housing future. Highlights of the session:
• Residential Survey Results will provide a detailed look at the market in Colorado based on statewide surveys. Led by Steve Laposa of the Everitt Real Estate Center. The survey is supported by the Colorado Association of Realtors, the Colorado Home Builder Association and the Colorado Mortgage Lender’s Association.

Lawmakers Demand Answers from Treasury on Proposed Settlement
More backlash from the 27-page proposed servicer settlement developed on Wednesday when five representatives from the House Financial Services Committee voiced their disapproval and concern in a letter to Treasury Secretary Timothy Geithner.