Monday, July 25, 2011

Housing News Digest, July 25

Government Considers Ways to Rent Foreclosed Homes
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.

While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.

Met Denver apartment vacancies drop to lowest level in a decade
Apartment vacancies in the Denver metro area fell to a 10-year low in the second quarter, dropping to the lowest vacancy rate since the first quarter of 2001, according to a report released Monday.

The vacancy rate fell to 4.8 percent with apartment vacancy rates falling 21 percent year-over-year from last year's second-quarter rate of 6.1 percent, accord to the Apartment Association of Metro Denver and the Colorado Division of Housing.

Denver area vacancies hit a 10-year low
The Denver area trend is similar to what's happening around the nation, according to a Housing Market Insights report from Morgan Stanley (MS: 23.58 -1.34%) last week. Morgan Stanley researchers noted consumers shaken by mortgage delinquencies, foreclosures and liquidations are gradually becoming renters in today's marketplace.

Bank of Choice gets taken over
Bank of Choice, Greeley's largest locally owned bank, was seized by regulators Friday, just two weeks after authorities took over a failed Windsor bank.

The Federal Deposit Insurance Corp. worked out a purchase agreement with a Kansas City, Mo., holding company for Bank of Choice. Bank customers at all 17 branches, including the two Greeley locations, 7251 20th St., and 3780 10th St., will have normal access to their accounts and bank services, according to the FDIC. The bank will continue normal operating hours today under the direction of National Bank Holding Corp. The bank's name will not change.

: Real estate market still faces challenges

Halfway through 2011, key sectors of the Pikes Peak region’s real estate market continue to struggle.

Sure, there are occasional positive signs — such as low home prices and mortgage rates that have attracted buyers — and some real estate industry experts are cautiously optimistic better times are ahead.