Thursday, March 17, 2011

Housing News Digest, March 17

Crisis not over, despite foreclosure drop
Thousands of fewer Colorado consumers losing their homes is good news, but it is way too early to declare an end to the state’s foreclosure crisis, experts told InsideRealEstateNews today.

“Really, what we have done is plateaued at a very high number,” McMaken said. “What we really need to see is filings fall to about 20,000 a year - a 50 percent drop - before we can say that foreclosure problem seems to be a thing of the past. We are still in the midst of a really bad situation.”

Foreclosure filings, sales dive in February
El Paso County, which includes Colorado Springs, recorded 288 filings in February, a 23.4 percent year-over-year decline. Every other metro-area county also saw a decline, except for Broomfield, which showed no change. Douglas County led the way with a 51.5 percent drop in foreclosure filings last month.

House Votes to Rescind $1B in Neighborhood Stabilization Grants
The U.S. House of Representatives voted Wednesday to pull the plug on HUD’s Neighborhood Stabilization Program (NSP) and rescind $1 billion in grant money that was appropriated under the Dodd-Frank Act but has not yet been awarded.
NSP provides funding to local governments and nonprofits for the acquisition and redevelopment of foreclosed and abandoned homes.

Lind’s large auction will be ‘interesting,’ observers say
Colorado real estate watchers will focus at high noon Thursday on the hefty chunk of Windsor developer Martin Lind’s commercial portfolio being put up for auction.

Some observers are calling it an unusual auction both in size and nature of the properties for sale. Recent real estate auctions have leaned toward residential-based, rather than commercial, events.

Larimer County seeing double-digit drops; some predict numbers will rise again
Larimer County is helping lead that decline with double-digit drops across the board in both foreclosure filings and sales.

Month over month for February, Larimer County saw a 14.2 percent decline in filings and a 20 percent drop in sales. Looking at year over year, Larimer saw a 32.2 percent and a 12.3 percent decline in filings and sales respectively.

Weld’s February declines in foreclosure filings among state’s highest
Weld posted 322 filings in January and February, compared with 453 in the year-ago period, a 28.9 percent decrease. Denver had a Front Range-leading 30.8 percent decrease, while the state posted an 18.8 percent decline. Of the other Front Range metropolitan counties, Boulder dropped 28.1 percent, Larimer 22.8 percent, Arapahoe 20 percent, Jefferson 19.7 percent, Pueblo 9.1 percent, Douglas 6.6 percent and El Paso 5.7 percent. Only Broomfield County posted an increase in foreclosure filings for the first two months in year-over-year data, climbing 4.3 percent.

Steep drop for Colorado urban foreclosures
...spokesman for the Colorado Division of Housing, said there has been an “overall downward trend in foreclosure filings since the end of 2009, but February’s large drop should be at least partially attributed to a change in how foreclosures are being processed.”