Wednesday, March 23, 2011

Housing News Digest, March 23

Mountain states' housing prices dip 1.3%

The mountain states, including Colorado, saw housing prices dip 1.3 percent between December and January, according to the Federal Housing Finance Agency’s monthly House Price Index. That was tied with the South Atlantic region for the biggest regional monthly drop. National housing prices dropped 0.3 percent during the period.

Congressman Introduces Bill to Fund Foreclosure Mediation Programs
Congressman Steve Cohen (D-Tennessee) last week introduced a bill aiming to help prevent foreclosures across the country.

After the House passed measures to terminate federal foreclosure prevention programs, Cohen stepped in with a new measure to provide federal funding for foreclosure mediation programs.

Senior housing envisioned for former racquet club site
GLENWOOD SPRINGS, Colorado — A new development intended to serve a range of senior citizen housing needs, from active retirees to those in need of limited nursing care, is proposed to replace the defunct Roaring Fork Lodge project at 27th Street and Midland Avenue.

Crooked firm stirs honest debate
John Reinholdt II earlier this month was sentenced to 16 years in prison as the mastermind of a $3.4 million Ponzi mortgage scheme that defrauded lenders. But one unexpected legacy of Reinholdt’s scam is a court battle to determine whether loan servicers also are proxies for ”lenders” in real estate transactions under Colorado law.

At the heart of the issue is this question: can a servicer- the company that collect the mortgage payments each month - be paid at a sale or refinance of a property as an agent of the actual lender? Or, is it required that the actual holder of the note be present at each real estate closing?

New Home Sales Fall to Record Low in February
Sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000 ... This is 16 9 percent 16.9 (±19.1%)* below the revised January rate of 301,000 and is 28.0 percent (±14.8%) below the February 2010 estimate of 347,000.