Friday, August 26, 2011

Housing News Digest, August 26

Foreclosures 36% of Colorado sales

Foreclosures in Colorado accounted for 35.9 percent of all sales in the second quarter, compared with 31.3 percent for all sales nationally, according to a report released today by RealtyTrac.

The report by the Irvine, Calif.-based company also showed that some parts of Colorado showed gigantic year-over-year percentage increases in foreclosure, although the numbers are extremely small.

Durango, for example, showed a 500 percent increase in foreclosures in the second quarter from the same period in 2010, yet only had 24 foreclosure sales between April and June of this year.

Grand Junction’s 134 foreclosures were 306 percent higher than a year earlier and foreclosures were up 220 percent in Fort Morgan, where a mere 32 sales were tracked by RealtyTrac in the second quarter.

Apartment REITs poised for strong performance

Given the dampened prospects for U.S. economic growth over the next several years, real estate investment trusts that specialize in apartments are a smart bet for investors, says a new report.

Apartment REITs are poised to increase their net asset values, thanks to strong pipelines of multifamily projects that will create additional value when they’re completed, according to a research report from Keefe, Bruyette & Woods Inc. (KBW: 14.30 +2.51%), an investment bank that specializes in the financial services sector.

Zillow estimates 4.3% decline in home prices

Standard & Poor's is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.

Zillow, an online real estate marketplace, released its forecast of the S&P; Case-Shiller results on Friday, saying the S&P; 10-City Composite Home Price Index for June could drop as much as 3.5% year-over-year while still increasing 1.2% from May.

Housing market still tight in Colorado(9News Video)

DENVER - If you need a home to rent in metro-area Denver, your search might take a while. A new report from the Colorado Division of Housing shows the vacancy rate stayed tight during the second quarter at 2.6 percent.

Housing experts believe the rate will stay that way for at least the next year.

Can housing refis rescue the economy?

Can the government refinance us out of the housing disaster?

That's the plan being considered, according to The New York Times. In an article today, the Times says administration officials are tossing around the idea of a "blanket refinance" homeowner rescue plan. It would capitalize on current hyper-low interest rates to help struggling homeowners get payments they can afford.