Thursday, September 8, 2011

Housing News Digest, September 8

August housing market sizzles
It wasn’t just the weather that hit a record last month. While no one will describe the Denver housing market as red-hot, it positively sizzled by some year-over-year metrics, show reports released on Wednesday.

Home closings in the Denver area in August jumped 29 percent from August 2012, the biggest year-over-year percentage gain for an August on record.

“It’s a great closing to the premier selling season of the year,” said independent broker Gary Bauer, who released a monthly report on the housing market each month, based on Metrolist data.

Sales of Colorado mountain-resort homes in July lowest in years
Real estate sales in Colorado's mountain-resort communities were gaining steam through most of this year, continuing a steady rebound from the market decimation of 2008 and 2009.

Then came July.

July sales in Pitkin, Eagle, Summit, Routt and San Miguel counties were the lowest in years, potentially derailing a resort real estate market tracking toward recovery.

Rent on Denver's 17th Street ranks 27th in nation
Denver’s 17th Street is Denver’s “Most Expensive Street for Office Space,” according to a report released Wednesday by Jones Lang LaSalle.

The report pegs the financial-district street's top full-service rent at $38.85 per square foot, and the average full-service rent at $30.72 -- 47 percent higher than the average market rent of $20.84.

County eyes spending $10M housing nest egg
Pitkin County has $10 million in the bank for spending on affordable housing needs, and the county commissioners are eager to start investing the cash.

The “dedicated housing fund” is set aside for buying or building workforce housing for locals and county employees. The county has $5.8 million from its housing impact fees and $4.3 million in mitigation from developers’ payments in lieu of building actual units.

Wells Fargo doubles support for credit counseling nonprofits
Thursday, September 8th, 2011, 8:45 am

Wells Fargo & Co. (WFC: 24.73 -0.92%) is committing an additional $5.4 million in funds to support credit counseling nonprofits.

The new funding brings the bank's yearly commitment to $12.4 million. That's up 35% from last year when the bank spent $9.2 million supporting nonprofits that provide homeowners, individuals and families with credit counseling support.