Thursday, October 27, 2011

Housing News Digest, October 27

Springs listed among best housing markets for 2012

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The Colorado Springs housing market, like many other communities around the country, has taken its lumps in recent years: falling home prices, rising numbers of foreclosures and a construction slowdown.

But the city’s housing market will stage a turnaround in 2012 and become one of the nation’s best, according to a national forecast by Builder Magazine.

The Springs ranks No. 7 on Builder’s Top 20 list of healthiest markets the magazine is projecting for next year. Builder publishes its Top 20 list twice a year — once for the current year and another that looks ahead — in conjunction with parent company Hanley Wood, a real estate media and information services firm. Their projections use Moody’s data, which focus on jobs, price appreciation, population growth and other factors that drive housing.

Meritage Homes Reports 28% Increase in Third Quarter 2011 Sales Orders
Home closing revenue was lower in 2011 due to a 6% decline in average closing prices year-over-year, mainly attributable to a $15 million decline in closing revenue from California caused by reduced prices and fewer closings. That decline was only partially offset by higher closings in Texas, Colorado and Florida, where average prices are typically lower than California's.

Bank Watch: Billion-Dollar Community Banks of Colorado Fails
As of June 30, Community Banks of Colorado had $1.38 billion in total assets and $1.33 billion in total deposits.

About half of the bank's lending activities were directed at commercial real estate. It had $508 million in CRE loans outstanding. Its combined delinquent and restructured CRE loans and foreclosed properties totaled $147.4 million, about half of which was tied to construction and development loans.

Glendale Introduces Master Developer for the Glendale Riverwalk Project

GLENDALE, Colo., Oct. 26, 2011 -- /PRNewswire/ -- The City of Glendale announced INTEGRAL Real Estate Development, LLC as the Master Developer of the Glendale Riverwalk Project on Thursday, October 20th, at a reception held at Infinity Park in Glendale.

FHFA lowers GSEs bailout estimate
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac may need to draw as much as another $142 billion in bailout funds from the Treasury Department by the end of 2014. That is down from prior estimates of $154 billion.

So far, the GSEs have drawn $169 billion from the Treasury under the terms of senior preferred stock purchase agreements. Subtracting the amount of dividends paid back to the Treasury so far, the GSEs still owe $142 billion.