The HBA of Denver released a report showing that builders in the Denver Metro area pulled 3,545 building permits last year for single-family, detached homes, 4.9 percent more than the 3,379 permits pulled in 2010. The HBA does not track sales or housing starts. Permits reflect future building activity. Nationally, the Commerce Department reported that about 302,000 new homes were sold last year, the worst year for new home sales since 1963.
"Denver is de-coupling itself from the national market and is moving to the forefront in the recovery cycle," said Jeff Whiton, President and CEO of the HBA of Metro Denver. "We are encouraged."
"Housing activity is up almost 5 percent, which is a step in the right direction," Whiton said. "The numbers are still small. We are still down 70 percent or 75 percent from 2006 and 2007," before the Denver-area and national housing collapse.
"Denver is considered one of the strongest markets in the country, as far as emerging from this down cycle," Whiton said. "Some major cities in Texas are coming back and certain parts of California. Denver is on the forefront of the recovery."
Although the permit activity doesn't correlate exactly with sales, home builders are constructing new homes to meet demand, Whiton said.
"Builders are responding to market conditions," he said. "They are doing really well against the resale market right now. There is not very much resale inventory on the market, so builders are providing the right product to meet the needs of consumers."
The report includes the counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert, Jefferson and all of the communities in those counties.
Denver showed the most activity, with 623 permits pulled, followed by Aurora with 501.
For more information and to read the complete article, please visit InsideRealEstateNews.com
From InsideRealEstateNews.com - Jan 25th, 2012
According to a report by the Colorado Division of Housing, public trustees in Colorado released a total of 235,749 deeds of trust during 2011, falling from 2010's total of 251,861. Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through refinance, sale of property or because the owner has made the final payment on the loan. Release activity declines as refinance and home-sale activity falls.
"Real estate activity perked up a bit during the fourth quarter, which would reflect some very recent growth in employment and some mild increases in home prices." said Ryan McMaken, spokesman for the Colorado Division of Housing. "But overall, the fourth quarter's activity wasn't enough to keep 2011 from being another flat year."
Detailed within the report, the number of deeds of trust released during 2011 was the smallest annual release total reported since the state began keeping release records in 2000. Release activity peaked during 2003 when there were 733,373 releases reported in the counties surveyed. The unusually large number of loan payoffs from 2002 through 2005 reflects a period of declining mortgage rates and increasing new home construction that led to a swift rise in home purchase activity and refinancing. From 2003 to 2011, however, loan payoffs fell 67 percent.
"Ten years ago, even a small decline in the mortgage rate would have produced quite a bit of new refinance and sales activity," McMaken said. "But since 2008, tighter lending standards and a drop in the number of eligible buyers has prevented a sizable surge in new activity in spite of record-low rates."
A deed of trust is similar to a mortgage and is a lien on real property to secure payment of an indebtedness. The deed of trust contains a grant of the property to the public trustee for the benefit of the holder.
To read the full story, please visit InsideRealEstateNews.com
An article over at the denverpost.com today shines the spotlight on Pueblo and Fort Collins, two Colorado cities which suffered lighter job losses and housing markets that didn't overheat, and who are expected to be the first metro areas in Colorado to recover their jobs - according to a study released by the U.S. Conference of Mayors.
The report highlights how uneven the recovery has been, and Colorado offers an example of the wide variation that can exist within a single state.
"The biggest single factor or hangover is the real-estate market," said Jim Diffley, chief regional economist with Douglas County-based IHS, which researched 363 metro areas for the conference. Cities that experienced bigger declines in home values are, generally speaking, recovering more slowly, he said.
Pueblo's housing market wasn't as overheated, and it suffered the smallest decline in jobs of any Colorado metro area - 3.2 percent from peak to bottom. That said, Pueblo struggles with an unemployment rate of 9.6 percent, higher than the statewide average of 8 percent.
Much of the new hiring is in manufacturing and distribution.
Please visit DenverPost.com to read the full article: Pueblo, Fort Collins lead economic comeback in Colorado
On January 12th, 2012, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high. The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks.
Frank Nothaft, vice president and chief economist for Freddie Mac, had this to say:
"Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941. Moreover, the Federal Reserve indicated in its January 11th regional economic review that most industries saw limited permanent hiring at the end of last year."
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.
- 15-year FRM this week averaged 3.16 percent with an average 0.8 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.72 percent.
- 1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, down from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.23 percent.
The information above was provided by Freddie Mac and represents averages based on data collected by Freddie Mac and may not reflect interest rates or APR's available in all areas. Always consult with a licensed mortgage professional about the options available to you.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters
The Denver housing market recently got a national shout-out from housing and real estate investing expert Greg Rand on Fox Business.
Rand, a real estate investment consultant, author and radio and TV personality, pitched the attributes of Denver for much of the 4 minute and 4 second program in a way that would have made any chamber of commerce-style cheerleader proud.
While millions watch Fox Business, many may have missed the program in which Rand, owner of OwnAmeica.com lavished praise on Denver's housing market and economy, because it originally aired on the holiday weekend between Christmas and New Years. But the video is starting to make the rounds in Denver real estate circles.
Has the abnormally low inventory of unsold homes created a seller's market in the Denver area?
An analysis released today by veteran broker Jack O'Connor indicates that is the case - with a few caveats.
A seller's market is one in which the person listing the home has the upper-hand, in stark contrast to the buyer's market that has swept across Denver and the nation in recent years, as the country has suffered the worst housing crisis since the Great Depression.
O'Connor analyzed Metrolist data and found that as of Jan 1, there were only 8,854 single-family homes listed in the Denver area - a whopping 36.5 decline in inventory from a year earlier. O'Connor, principal of The Denver 100 brokerage firm, uses a date early in the month, as opposed to the last day of the month to analyze housing data, because most brokers end their listings on the last day of the month, which means that the end of the month inventory numbers tend to be at their lowest, not necessarily providing an accurate portrayal of inventory levels, in his opinion.
O'Connor found that the low number of listings equated to a 4.4-month supply on homes. And when he looked at homes priced below $250,000, there was only a 2.4 month supply of unsold homes. There is more than an 18-month supply of homes priced at $1 million or above, though.
A rule of thumb is that when a market has less than six months of inventory, it favors the seller, and more than six months it is the buyer that is in the catbird seat.
"I have to caution that this is a snapshot of that moment in time," O'Connor said. "I'm looking at the lowest inventory for the year, spread over a full-year's worth of sales. The number will definitely grow between now and April as the inventory rises."
O'Connor said that the reason there are so few homes on the market - inventory levels are at an 11-year low - is because so many homeowners have no equity in their houses.
"Because there has been no appreciation for so long, the average homeowner has no equity," O'Connor said. "If someone bought a typical home for $275,000 five, six or seven years ago, it's probably worth what they paid for it."
For more on this story, please visit InsideRealEstateNews.com
News Release Issued: January 5, 2012 10:00 AM EST
30-year Fixed-rate Mortgage Matches All-time Record Low
MCLEAN, Va., Jan. 5, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry. This marks the fifth consecutive week the 30-year fixed has averaged below 4.00 percent.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.8 point for the week ending January 5, 2012, down from last week when it averaged 3.95 percent. Last year at this time, the 30-year FRM averaged 4.77 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.8 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.7 point, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.75 percent.
- 1-year Treasury-indexed ARM averaged 2.80 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.24 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- "Fixed mortgage rates started the year a little lower this week just as recent data reports indicate the housing market and manufacturing industry are showing signs of improvement. Pending existing home sales in November jumped 7.3 percent, nearly five times greater than the market consensus forecast, to its strongest pace since April 2010. In addition, construction spending rose 1.2 percent in November, supported by the residential sector which exhibited its fourth consecutive monthly increase. Similarly, manufacturing expanded in December at the fastest pace in six months."
Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:@FreddieMac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
SOURCE Freddie Mac
For further information: CONTACT: Chad Wandler, +1-703-903-2446, Chad_Wandler@FreddieMac.com
Colorado Attorney General John Suthers announced today that the Statewide Grand Jury has indicted Jill M. Evans, 46, and her company, Paramount Mortgage of Colorado Ltd., of defrauding more than a dozen individuals across the country out of thousands of dollars in fees for mortgages and loans she never delivered.
From InsideRealEstateNews.com:
According to the 18-count indictment, filed in Denver District Court, Evans defrauded her victims out of approximately $500,000 by charging upfront fees in exchange for what her victims believed were commercial and residential loans.
Evans is suspected of failing to refund the fees, wired to the bank account of Paramount Mortgage of Colorado Ltd. The transactions affected include properties in Crested Butte; Beverly Hills and Calabasas, Calif.; Chicago; and New Carrollton, Md.
Evans could face up to 12 years in prison and up to a $750,000 fine if convicted of any of the eight class-three felony counts of theft included in the indictment. She also faces one count of theft as a class-four felony and nine counts of forgery, a class-five felony.
Visit InsideRealEstateNews.com for more information on this story.
In an overall weak national housing market, the Denver-area showed signs of strength, ranking as the top market by one measure, according to the closely watched Case-Shiller report released Tuesday, December 27th.
Denver ranked No. 1 of the 20 MSA tracked in the S&P/Case-Shiller Home Price Indices as far as the seasonally adjusted change from September to October.
Denver showed a 0.5 percent gain by that metric, compared with an overall 0.6 percent drop for the 20 MSAs. Non-seasonally adjusted, Denver showed a 0.2 percent drop on a monthly basis, good enough for second place behind Phoenix, which showed a 0.3 percent gain, the only market in positive territory.
On a year-to-year basis, in October, Denver ranked No. 4 of the 20 MSAs tracked in the S&P/Case-Shiller Home Price Indices.
Denver showed a 0.9 percent year-over-year drop, compared with a 3.4 percent overall decline for the 20 cities . Only Detroit and Washington, D.C., with gains of 2.5 percent and 1.3 percent, were in positive territory. Dallas also bested Denver, with a 0.6 percent decline in the 12 months ending in October.
The 0.9 percent decline marked the 16th consecutive month of year-over-year declines for Denver, but it also was the lowest decline since July 2010, when the market fell by 0.1 percent from July 2009.
For more information, please visit InsideRealEstateNews.com
The 13th annual Holiday Hugs program came to Children's Hospital on the 16th of Decemeber. Volunteers, friends, family and Santa and Mrs. Claus, gathered to hand out presents, goodies and gift cards to the waiting patients and their families.
"For a lot of kids, especially our economically disadvantaged ones, this is their holiday," said Arletta Cockrell, clinical manager of the hospital's Medical Day Treatment Program.
Every child, and in some cases young adults, who this afternoon stepped up to the front of the festively decorated room at Children's Hospital to accept the donated gifts from Santa and and Mrs. Claus, received a Tim Tebow-worthy round of applause from staff and volunteers from the Universal Lending Foundation who put together the Holiday Hugs event.
Presents were piled high - sometimes even taller than than the children themselves.
"We bought and wrapped hundreds and hundreds of gifts," said Robin Smith, spokeswoman for the Universal Lending Foundation.
"Usually, we can wrap them from 11 a.m. to 1 p.m. back at Universal Lending's headquarters (on East Evans Boulevard near South Monaco Parkway), but last Friday it took us until 2 p.m. It was a three-hour wrapping party."
That doesn't include the hours volunteers spent shopping for gifts.
"Every year, a lot of children want MP3 players, digital cameras and CDs," Smith said. "We had one little boy, for the second year in a row, all he wanted was a season pass to the Denver Museum of Nature and Science. We bought passes for all of his brothers and sisters, too."
Holiday Hugs is gaining a national reputation among existing and prospective patients and family members, as well as becoming increasingly well-known in the Denver area.
"We use it as a selling point," said Arletta Cockrell, clinical manager of the hospital's Medical Day Treatment Program. "For many of the children and their families, this is the event of the year. A lot of kids look forward to this day all year. We are so grateful to Universal Lending. Holiday Hugs couldn't be better. It's perfect."
Original Article: Holiday Hugs Hit at Hospital (InsideRealEstateNews)
