Thursday, September 15, 2011

Housing News Digest, September 15

Foreclosure filings in urban Colorado down 31% in 2011
Both foreclosure filings and foreclosure sales at auction in Colorado’s metropolitan counties were down during the first eight months of this year, compared with the same period last year, according to a report released Thursday by the Colorado Division of Housing.

August was the ninth consecutive month in which both filings and sales were down compared to the same month a year ago, state officials said.

Foreclosures in Colorado down 31 percent in 2011 but July and August show increased activity

There were 11,502 sales at auction from January through August of this year compared to a total of 14,114 during the same period last year.

However from July to August of 2011, foreclosure filings increased 34.2 percent and sales at auction rose 32.0 percent. Foreclosure filings hit a six-month high in August while foreclosure sales at auction reached a two-month high.

Colorado State University EREC Report Indicates Northern Colorado Real Estate Market Declined During the First Half of 2011

FORT COLLINS - Residential housing sales in Northern Colorado declined 11 percent in First Half 2011 compared to First Half 2010 according to the most recent Market Statistics report from the Everitt Real Estate Center (EREC) at the Colorado State University College of Business in cooperation with the Colorado Association of REALTORS® (CAR).

For the first half of this year ending June 30, 2011, there were 5,556 home closings recorded in Northern Colorado compared to 6,264 closings for the same period a year ago. The Northern Colorado region includes Boulder, Larimer and Weld counties as well as 11 major market areas within these three counties.

McWhinney eyes huge Fort Collins project

Raising its stake in Northern Colorado's rental housing market, McWhinney plans a summer groundbreaking on an apartment project that consumes an entire city block in downtown Fort Collins.

The developer has filed conceptual plans that describe a 608,000-square-foot, five-story building that includes a five-level parking garage, rental apartments and office-retail space.

"We looking at breaking ground in the second or third quarter of next year," said Mike Hill, who directs McWhinney's multifamily housing projects.

State foreclosures down 31%
All metropolitan counties showed decreases in foreclosure filings in the year-to-date comparisons. Comparing the first eight months of this year with the same period last year, foreclosure filings fell 35.5 percent in Adams County and 34.5 percent in Denver County. The county with the smallest decrease was Pueblo County where filings dropped 15.8 percent, compared year over year.

Foreclosure sales totals also showed declines across all counties surveyed. Comparing the first eight months of this year to the same period last year, foreclosure sales fell 43.4 percent in Broomfield County and 23.7 percent in Weld County. Pueblo County showed the smallest decrease with a drop of 4.8 percent in foreclosure sales