colorado division of housing news and blogspot
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COLORADO DIVISION OF HOUSINGC O L O R A D O D E P A R T M E N T O F L O C A L A F F A I R S
F R I D A Y , M A R C H 1 1 , 2 0 1 1
Housing News Digest, March 11
House Committee Votes To Terminate HAMP
The House Financial Services Committee has voted 32-23 to shut down the Home Affordable
Modification Program (HAMP). Rep. Patrick McHenry, R-N.C., who authored H.R.839 (the HAMP
Termination Act), condemned the program for never reaching its intended goals.
The committee also voted to halt funding for the Neighborhood Stabilization Program (NSP) by
approving H.R.861, the NSP Termination Act, introduced by Rep. Gary Miller, R-Calif. President
Obama has stated that he would veto both bills if they were to pass both houses of Congress.
Luxury market: Prices up, sales down
Luxury home prices in the Denver area rose in February, but sales were down from February 2010 and
from January, show two reports released today.
Although the reports, by independent broker Gary Bauer and Coldwell Banker Residential, showed
slightly different numbers, they illustrated the same trend.
Energy park is proposed
Proposed by Loveland-based Harrison Resource Corp. and Niobrara Energy Park LLC, the planned
635-acre park could be a massive fossil fuels and renewable energy research, production and services
hub feeding off the rapidly expanding Niobrara oil play and the solar and wind-power projects
occurring throughout Larimer and Weld counties.
Colorado State University's College of Business Offers 'Housing Colorado's Future'
Designed to offer insights into the market of building, selling and financing residential real estate in
Colorado, real estate experts will offer key information setting the stage for the states housing future.
Highlights of the session:
Residential Survey Results will provide a detailed look at the market in Colorado based on statewide
surveys. Led by Steve Laposa of the Everitt Real Estate Center. The survey is supported by the Colorado
Association of Realtors, the Colorado Home Builder Association and the Colorado Mortgage Lenders
Association.
Lawmakers Demand Answers from Treasury on Proposed Settlement
More backlash from the 27-page proposed servicer settlement developed on Wednesday when five
representatives from the House Financial Services Committee voiced their disapproval and concern in
a letter to Treasury Secretary Timothy Geithner.
POSTED BY RYAN MCMAKEN AT 8:00 AM 0 COMMENTS LINKS TO THIS POST
LABELS: NEWS DIGEST
T H U R S D A Y , M A R C H 1 0 , 2 0 1 1
Home sales transactions down, home prices stable in Metro Denver
The Colorado Association of REALTORS has recently posted statewide data for January on home sales
transactions and median prices for single-family homes.
J O I N T H E D I V I S I O N O FH O U S I N G ' S U P D A T E S A N D
A N N O U N C E M E N T S L I S T .
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T W I T T E R U P D A T E S
Today's housing news digest now
up - energy park proposed, House
votes to terminate HAMP -
http://tinyurl.com/4jacny71 day
ago
Our latest analysis of home sales
data in metro Denver -
http://tinyurl.com/4nc2ayo2 days
ago
March 10 Housing News Digest -
new Delta project, unemployment
up, more on Wolf Creek deal -
http://tinyurl.com/4d8nond2
days ago
Gov Hickenlooper appoints State
Housing Board members -
http://tinyurl.com/45ffnth2 days
ago
Latest Colorado employment data -
now down 222K jobs since peak -
http://tinyurl.com/4f5mpqb2
days ago
Housing News Digest, Mar 8 - Villa
Asst Living to be razed,
Foreclosure settlement, more -
http://tinyurl.com/4sv2bw83
days ago
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We'll begin by looking at the latest numbers for the Metro Denver area.
According to CAR's data, the median single-family home price in metro Denver was up 5 percent in
January, compared to January 2010, increasing from $212,072 to $222,677. The first graph, below,
provides a little context for this price. We can see that prices have recovered somewhat from the trough
reached in late 2008 and early 2009. Just prior to the financial panic, the median price was generally
in the range of 230K to 250K, but during the last 24 months, the price has more typically ranged from
$210K to $230.
The graph also shows the year-over-year change in single-family home prices. We can see that over the
past nine months, the price has been quite stable, generally showing a year-over-year monthly increase
of 3 to 5 percent, with the exception of December 2010, when prices declined slightly, year-over-year.
This suggests general stability in the market.
However, we need to consider this price data
in light of the single-family home price data
provided by Case-Shiller (see here) and
FHFA (see here) for the metro Denver area.
In both the Case-Shiller and the FHFA data,
home prices have been decreasing, year-over-
year in metro Denver by about 1 percent to
2.5 percent in recent months. The CAR data
does not take into account appraisals and does not use the double-transaction method used by FHFA
and Case-Shiller, so the data will have some differences. So, it is unlikely that prices in Denver are
actually increasing overall by 3 to 5 percent in year-over-year comparisons, but the CAR data does
provide additional evidence for the contention that prices in the region are generally stable.
The second and third chart shows trends in single-family purchase activity. The number of single-
family purchases has a cyclical pattern, so month-to-month comparisons aren't terribly useful.
Comparing year-over-year, January's transactions total was down 4.5 percent from January 2010,
suggesting some continued weakness in the market following the end of the homebuyer tax credit.
Nevertheless, as we can see in the third
graph, January's 4.5 percent decline is a bit
of an improvement (from the seller's
perspective) compared to the second half of
2010, when monthly year-over-year declines
were often down by 20 percent or more.
Seven of the last eight months showed a
decline in single-family home sales
transactions when compared to the previous year.
The decline in transactions would suggest
that a decline in home sales prices would
follow. We see this in the first graph which
shows that the median home price has fallen,
month-to-month since June. Some of this is
undoubtedly due to seasonal factors,
however.
New state employment data to be
released Thursday, Mar 10 -
http://tinyurl.com/4fdjjmo3 days
ago
Gov. Hickenlooper appoints county
Public Trustees -
http://tinyurl.com/4q5xsf64 days
ago
Housing News Digest, March 8 -
Foreclosure Settlement Near, Big
Industrial Deal in Springs,
MORE -
http://tinyurl.com/49np4yz4 days
ago
What's the difference between
median rents and average rents?
Find out here -
http://tinyurl.com/4hemz9w4
days ago
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2011 (62)
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Housing News Digest, March
11Home sales transactions down,
home prices stable i...
Employment situation worsens
in Colorado
Housing News Digest, March
10
Gov. Hickenlooper appoints
State Housing Board mem...
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Check back for more information on Northern Colorado, the Pikes Peak region and
more.
POSTED BY RYAN MCMAKEN AT 10:30 AM 0 COMMENTS LINKS TO THIS POST
LABELS: CAR , HOME PRICES, HOME SALES
Employment situation worsens in ColoradoAs noted this morning by the Denver Business Journal, "Colorado jobless rate tops nation's."
After staying below the national unemployment rate through the recession, Colorado rose above
the national jobless rate in January, according to state data released Thursday.
The Colorado unemployment rate stood at 9.1 percent in January, over the national rate of 9
percent for that month, the Colorado Department of Labor and Employment reported.
The stats above reflect a seasonally adjusted number for employment. Below, I use the non-seasonally-
adjusted numbers, since the state's Department of Labor and Employment onlyprovides the
unadjusted data at the regional level. So, in order to make comparisons at the more local level in
Colorado, I stick to the unadjusted data. Since we're using unadjusted data, we need to stick to year-over-year comparisons.
The employment situation worsened in Colorado in January. The unemployment rate rose from 9.5
percent in January 2010 to 9.9 percent in January 2011. The first Chart shows that unemployment rate
in recent years. According to the state's data, the unemployment rate spiked in January 2010 as well,
but January's 2011 spike is higher.
In the second chart, we see total employment plotted with the total labor force for each month since
2007.
What is driving the recent acceleration in the unemployment rate is the fact that the total labor force
has increased, while total employment has continued to deteriorate. During 2009, the labor force fell
with total employment, keeping the unemployment rate down somewhat. However, in recent months,
the labor force has flattened out while total employment has continued to fall.
During January 2011, there were 30,800 fewer jobs than there were during January 2010. There were
23,000 fewer people in the labor force during Janaury 2011 than was the case during January 2010.
Since the labor-market peak was reached during July 2008, total employment is now down 222,000
obs, while the total labor force is now down 94,000 people.
Housing news digest, March 9
Upcoming data releases:
Employment and
Foreclosure...
Gov. Hickenlooper appoints
county Public Trustees
New ways to receive real-time
updates from the Div...
Housing News Digest, March 8
Analysis: Average rents vs.
median rents
4th Q 2010 Vacancies and
Rents: Focus on Metro
Den...
Neighborhood Stabilization
Program Open House
FHA COMMISSIONER
STEVENS TO MEET
COLORADO REALTORS...News Digest, March 7
Colo. Housing Assistance
Corp. awarded $234,000
Rocky Mountain Community
Land trust awarded
$91,50...
LaPlata County Homes Fund
awarded $381,770
San Juan County awarded
$296,710
Habitat for Humanity awarded
$770,000
Beige Book: Real estate activity
remained sluggish...
February Foreclosure Report
Foreclosure Deferment
Program Extended to 2014
Request for proposals:
Emergency Shelter Grants
February(27)
January(11)
2010 (204)
2009 (160)
2008 (12)
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In the third graph, I've shown the year-over-year percentage change in total employment. In every
month since September 2008, the change has been negative, meaning that for the last 27 months, each
month's employment total has been lower than the same month one year earlier. In January 2011, total
employment was 1.2 percent lower than during January 2010.
[All these graphs are for Colorado statewide.]
Clearly, this will have an impact on affordability of rental units as incomes continue to be squeezed by a
lack of demand in the labor markets. This will put downward pressure on rents, although it may not be
enough to keep rents down given the declines in rental vacancies in recent quarters. See here for more.
This will also continue to impact the demand for purchase housing as household incomes are squeezed
and as many potential home buyers continue to worry about job security, thereby causing some buyers
to put off buying a home.
Check back with this site for additional regional analyses for: Northern Colorado, Colorado Springs and
other regions.
POSTED BY DIVIS ION OF HOUSING AT 8:42 AM 0 COMMENTS LINKS TO THIS POST
LABELS: COLORADO , EMPLOYMENT , JANUARY 2011, STATEWIDE , UNEMPLOYMENT
Housing News Digest, March 10
Ground broken on farmworker housing project in North Delta
After unsuccessfully pursuing a change in zoning for a farm worker housing project, Colorado Rural
Housing Development has shifted its focus to North Delta. Ground has been broken on a parcel of land
south of Mesa Rentals on the east side of Highway 50.
Because that parcel was already zoned B-2, no further review was required for the multi-unit housing
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Colorado Division of HousingToday's housing news digestnow up - energy park proposed,House votes to terminate HAMP- http://tinyurl.com/4jacny7
Yesterday at 8:01am viaTwitter
Colorado Division of HousingOur latest analysis of home salesdata in metro Denver -http://tinyurl.com/4nc2ayo
Thursday at 11:46am viaTwitter
Colorado Division of HousingMarch 10 Housing News Digest -new Delta project,unemployment up, more on WolfCreek deal -http://tinyurl.com/4d8nond
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project.
Welcome to the Home Improvement and Remodeling Expo
Welcome to the 2011 Home Improvement & Remodeling Expo. On behalf of the Housing and Building
Association of Northwestern Colorado, it is my pleasure to present to you the 36 annual Home
Improvement & Remodeling Expo.
Deal with Village at Wolf Creek would gain hill along Highway 160proposed land exchange between the Village at Wolf Creek and the Forest Service cleared its first
crucial hurdle Tuesday when the Forest Service announced it will study whether the plan is a good idea.
The proposed deal would swap private land in a meadow near the base of Wolf Creek Ski Area for a
Forest Service hillside next to U.S. Highway 160. The hillside would become the site of a ski resort that
has been controversial since original plans were announced more than 20 years ago.
Market rolls along without tax credits
The Denver-area resale housing market , without the help of last springs federal tax credits,
experienced a 16.3 percent drop in under contracts in February from February 2010, shows a report
released today.
The drop was widely anticipated and is a trend expected to continue for the first part of the year, as the
federal government is no longer providing up a an $8,000 dollar-for-dollar write off for qualified
buyers, as it did in the first four months of 2010.
POSTED BY DIVIS ION OF HOUSING AT 8:38 AM 0 COMMENTS LINKS TO THIS POST
LABELS: NEW PROJECTS, NEWS DIGEST
Gov. Hickenlooper appoints State Housing Board members
DENVER - Wednesday, March 9, 2011 - Gov. John Hickenlooper announced today appointments to the
State Housing Board.
The State Housing Board works to establish uniform construction and maintenance standards for
hotels, motels, multiple dwellings and factory-built housing. The Board also develops for submittal to
the General Assembly and units of local government recommendations for uniform housing standards
and building codes.
The appointments are dependent upon Senate confirmation. The members appointed are:
Eugene R. Lucero, Denver (D), term to expire 01-31-15
James A. Coil, Grand Junction (D), term to expire on 01-31-15
POSTED BY DIVIS ION OF HOUSING AT 7:59 AM LINKS TO THIS POST
LABELS: ANNOUNCEMENTS , STATE HOUSING BOARD
W E D N E S D A Y , M A R C H 9 , 2 0 1 1
Housing news digest, March 9
Tribune Opinion: Developer to tear down Villa, build apartments for students, faculty
We were cheered by the news that the former Villa Assisted Living at 1750 6th Ave. will become an
apartment complex aimed at housing University of Northern Colorado students and faculty.
The complex, which had originally been constructed for student housing, will be razed by Central
Street Capital of Denver, which purchased the complex in November at auction. Central Street Capital
is responsible for remodeling the old Regency Hotel off I-25 near downtown Denver and converting it
to student housing for Denvers urban college campuses.
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Property auctions gain ground
With the Northern Colorado real estate and housing market recovering from the recession, some
portfolio owners have opted to take a more unorthodox method to selling properties - auctions.
Details of Servicer Settlement Surface, Resolution Still A Long Way Away
The settlement terms prompted by robo-signing investigations and presented to servicers by
government agencies and attorneys general last week feature 27 pages of rules and regulations for thehandling of loans on owner occupied primary residences.
Real estate conference covers a lot of ground
More than 1,000 people, from all over the Colorado, attended the two-hour presentation at the PPA
Convention and Event Center next to Invesco Field on Thursday evening. The event was sponsored by
Coldwell Banker Residential Brokerage and the keynote speakers were Gov. John Hickenlooper and
Denver Mayor Bill Vidal. In addition, a panel of experts addressed just about every aspect of real estate
and economic development, from mortgage rates to new home building.
POSTED BY RYAN MCMAKEN AT 5:46 AM 0 COMMENTS LINKS TO THIS POST
LABELS: NEW DEVELOPMENT, NEWS DIGEST
T U E S D A Y , M A R C H 8 , 2 0 1 1
Upcoming data releases: Employment and Foreclosures
After a long wait, it looks like new employment numbers for January will be released for states and
regions on Thursday, March 10th. December's data is still the most recent data available.
Check back here on the housing blog on Thursday and Friday for regional analysis and commentary on
what the latest numbers mean for housing.
Also:
I'll be releasing the February foreclosure report for Colorado's metro counties on Tuesday, March 15.
The full report, plus analysis, will be available here throughout the week.
Old reports - http://dola.colorado.gov/cdh/researchers/index.htm#foreclosure
POSTED BY RYAN MCMAKEN AT 4:07 PM 0 COMMENTS LINKS TO THIS POST
LABELS: ECONOMICS , EMPLOYMENT , FORECLOSURES
Gov. Hickenlooper appoints county Public Trustees
Gov. Hickenlooper appoints county Public Trustees
Friday, March 4, 2011 Gov. John Hickenlooper announced today the appointments of Public
Trustees in various Colorado counties.
Public Trustees handle public transactions and foreclosures on real estate properties. The position is a
four-year appointment. The Public Trustees appointed are:
Adams County: Carol A. Snyder from Thornton term ends 02-01-15
Arapahoe County: Ana Maria Peters-Ruddick from Aurora terms ends 02-01-15
Boulder County: Richard G. Gebhardt from Boulder term ends 02-01-15
Douglas County: Thomas S. Mowle from Colorado Springs term ends 03-28-11 (Mowle is the interim
Trustee for the county; a new Trustee will be appointed at the end of the month.)
El Paso County: Thomas S. Mowle from Colorado Springs terms ends 02-01-15
Jefferson County: Margaret Taylor Chapman from Golden terms ends 02-01-15
Larimer County: Deborah Ann Morgan from LaPorte term ends 02-01-15
Mesa County: Paul Brown from Whitewater terms ends on 02-01-15
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Pueblo County: Nicholas A. Gradisar from Pueblo terms ends on 02-01-11
Weld County: Susie Velasquez-Jojola from Greeley terms ends 02-01-15
POSTED BY DIVIS ION OF HOUSING AT 10:16 AM 0 COMMENTS LINKS TO THIS POST
LABELS: COLORADO , FORECLOSURES , PUBLIC TRUSTEES
New ways to receive real-time updates from the Division of Housing
Since 2007, the Division of Housing has offered two email lists: A daily news digest list, and
an "update" list that was sent out approximately once or twice a week.
Last Friday was the last day for the news digest emails, and the news digests will now be posted at the
Division of Housing blog.
Emailed updates will now be sent out from the Division of Housing only once or twice per week,
depending on the volume of new content at our web site. To subscribe to the email list, go here, or use
the link in the top-right of the blog's main page.
For those of you who want to see new reports and announcements as they become available, we now
provide several ways to receive real-time updates (including the Housing News Digest) from the
Division of Housing:
1. Visit the Blog - as you may have noticed, we're adding more content every day at the Housing Blog
with new economics reports, announcements, grants information and more.
2. Join us on Facebook- Through Facebook, we offer a real-time news feed which will show up on
your personal news feed when you join. Click on the "like" button here to access the news feed. You can
also access the news feed by sending a friend request to the Blogmaster here.
3. Subscribe to the RSS feed - for those of you who use RSS feeds, you can receive real-time
updates from us bysubscribing here.
4. Follow us on Twitter - We offer the same newsfeed offered through Facebook on Twitter as well.
See our Twitter feed here.
POSTED BY DIVIS ION OF HOUSING AT 9:45 AM LINKS TO THIS POST
LABELS: FACEBOOK , RS S , SOCIAL MED IA, TWITTER
Housing News Digest, March 8
Foreclose Deal Near, State Officials Say
WASHINGTON A broad agreement could be struck within two months to overhaul how millions of
foreclosures are handled by the nations biggest banks and to expand the use of home loan
modifications, according to Tom Miller, the attorney general of Iowa.
CoreLogic: 11.1 Million U.S. Properties with Negative Equity in Q4
CoreLogic ... today released negative equity data showing that 11.1 million, or 23.1 percent, of all
residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2010,
up from 10.8 million, or 22.5 percent, in the third quarter.
Big industrial deal in Springs
Midnight Sun Capital LLC, in a venture with two Native American Alaskan investment groups, paid
$11.175 million for a T-Mobile call center in Colorado Springs, the largest industrial building
transaction so far this year in the Pikes Peak region.
POSTED BY DIVIS ION OF HOUSING AT 8:46 AM 0 COMMENTS LINKS TO THIS POST
LABELS: BUYS AND SELLS, INDUSTRIAL REAL ESTATE , NEWS DIGEST
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M O N D A Y , M A R C H 7 , 2 0 1 1
Analysis: Average rents vs. median rents
In recent press releases announcing the release of new vacancy and rent data, I've begun to emphasize
median rents over average rents. This is not because there is somethingwrong with average rents. I've
begun to emphasize median rents because median rents are less influenced by large changes in rent
levels in a small number of units.
For example, if, say, 50 new luxury units become newly available in a medium-sized market, the influx
of new high-priced units will drive up average rent levels more than median rent levels. Although
average rents would perhaps increase noticeably in such a case, the change would not necessarily
reflect a market-wide change in rent levels. Or, if a small number of highly-desirable units raised rents
considerably, this could also move the average rent up even if the larger marketplace could not bear
any significant increases in rents.
So, compared to median rents, average prices are more prone to be skewed by movements in a small
number of units.
Nevertheless, when speaking about general trends, it is often safe to use either average rents or medianrents since the two numbers tend to track fairly closely together.
In the first graph, I've plotted metro Denver median rents and average rents together. This is from a
sample size of 108,000 units. Note that median rents are lower than average rents. Apart from this,
however, the movements in average rents and median rents are quite similar.
[Note: With rents, it would be an unusual situation for the median to be above the average. Since rents
can't be negative, the average rent is far more likely to be skewed upward than downward. For
example, rent can only dip so far below a median rent of $800 before it hits $0. On the other hand,
rent can rise above the median rent level by thousands of dollars. Consequently, it is much easier for a
small number of outlying rents to skew average rents up rather than down.]
The second graph shows us that median rents and average rents also track closely together when we
look at year-over-year changes in rent levels. The graph shows the percentage change in median rents
and average rents for each quarter when compared to the same quarter the previous year. I've added
the vacancy rate for each quarter to provide some context.
The changes in median rents and average rents tend to be nearly identical during many periods.
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Theoretically, the average rent would increase more than the median rent during periods in which A-
level properties are experiencing large increases, but rental units overall are not able to push rents. Or,
there could be a case in which a large amount of new construction would push average rents up more
than median rents since new units tend to be more expensive than older units.
It is interesting to see in the graph that during recessionary periods (2002-2003 and 2008-2009),
median rents drop more than average rents in the year-over-year comparisons. This may be because
higher-rent units are more insulated from the effects of recessions than are median-priced and lower-
priced units. So, on the graph, the difference between the median-rent change and the average-rentchange may represent a situation in which rents are dropping inmost units, but a small number of
high-priced units are able to maintain their rent levels even in a recessionary period. This could
prevent the average rent from dropping as much as the median rent.
In a market the size of Denver, however, there are not many periods in which changes in average rents
are heavily skewed from the median rent level.
There are other situations in which average rents could be skewed in relation to median rents. Please
feel free to offer observations on this issue in the comments section.
POSTED BY RYAN MCMAKEN AT 2:54 PM 0 COMMENTS LINKS TO THIS POST
LABELS: MULTIFAMILY HOUSING, RENT LEVELS, RENTAL HOUSING, VACANCY SURVEYS
4th Q 2010 Vacancies and Rents: Focus on Metro Denver
From an owner/landlord perspective, the metro Denver area is one of the strongest markets in
Colorado for multifamily rentals. As we noted in the press release for metro Denver vacancies on
January 26:
The apartment vacancy rate in the Denver metro area fell to 5.5 percent in the fourth quarter,
dropping to the lowest fourth-quarter vacancy rate recorded since the year 2000...Apartment
vacancy rates fell 28 percent year-over-year from last years fourth-quarter rate of 7.7 percent
...
As vacancy rates moved down, the areas median rent increased. 2010s fourth-quarter median
rent rose to $846.36 from 2009s fourth-quarter median rent of $811.32. In individual market
areas, the median rent rose year-over-year in all County-level regions covered by the survey.
Vacancy rates in the metro Denver are generally now at 10-year lows as the market has tightened in
spite of a lack of job growth.
The first graph shows where the Denver area stands in relation to other metro areas in Colorado.
Although Greeley's vacancy rate recently fell below metro Denver's rate, over the past several quarters,
only the Fort Collins-Loveland area has consistently reported a lower vacancy rate than metro Denver:
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The second graph shows the year-over-year percentage changes in the vacancy rate in metro Denver.
Note that the last five values are below zero. In other words, for the last five quarters in a row, the
vacancy rate in metro Denver has been lower than it was one year earlier. It was apparently not
unusual to have a negative year-over-year change in the vacancy rate between 2003 and 2007, it is
significant that the year over year changes during the last four quarters have all been down by 20
percent or more. The magnitude of these year-over-year changes in vacancy rates has not been seen on
a metro-wide level at any other time during the last ten years.
In the third graph, we see that year-over-year changes in average rent in the Denver metro area have
been trending upward. The last three quarters have all shown positive changes of more than three
percent each quarter. Again, there isn't anything terribly unique about three quarters in a row of year-
over-year increases in average rents, but what is unusual here is the extent to which rents have
increased when compared to the previous year. With a change upward of more than three percent each
quarter, three quarters in a row, changes in average rents are now beginning to resemble trends not
experienced in Colorado since 2001, which in Colorado, was before the 2002 tech bust that followed
the 2001 national recession.
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Conclusions: Trends in vacancies and in average rents in metro Denver indicate a high demand for
multifamily rental housing that has not been seen since prior to the 2002 Colorado recession. If trends
continue, especially given the absence of new construction, the metro Denver area will experience
additional increases in rent levels as vacancy rates tighten further.
Note: We've covered the Colorado Springs for the 4th Q here:
http://divisionofhousing.blogspot.com/2011/01/some-analysis-of-recent-vacancy-and.html
POSTED BY RYAN MCMAKEN AT 2:47 PM 0 COMMENTS LINKS TO THIS POST
LABELS: METRO DENVER, RENT LEVELS, VACANCY SURVEYS
Neighborhood Stabilization Program Open House
Announcement from Pillar Properties:
Please come join us to view our renovated homes purchased through the Jefferson
County Neighborhood Stabilization Program (NSP). See one or see them all! Each home
will be hosted by a Pillar staff person or one of our partners.
Click on flyer to enlarge:
POSTED BY DIVIS ION OF HOUSING AT 1:32 PM 0 COMMENTS LINKS TO THIS POST
LABELS: JEFFERSON COUNTY, NS P, P ILLAR PROPERTIES
FHA COMMISSIONER STEVENS TO MEET COLORADO
REALTORS/MORTGAGE INDUSTRY
(DENVER) - U.S Housing and Urban Development Federal Housing Commissioner David H. Stevens
will travel to Denver, Colo., on Tuesday, March 8, 2011, to meet with and address two housing industry
professional groups. FHA Commissioner Stevens will first participate in the Colorado EconomicHousing Summit/Realtor Rally at the Colorado Convention Center at 9:30 a.m. Then, he speaks at the
Colorado Association of Mortgage Professionals Quarterly Meeting at the Pepsi Center at 11:30 a.m.
FHA Commissioner Stevens will address each group to discuss new and updated FHA policies and
trends affecting them and the single family and multi-family housing industry.
Remarks followed by Media Availability :
WHO: David H. Stevens,
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Assistant Secretary for Housing and
Commissioner of the Federal Housing Administration
WHAT: FHA Policy Remarks followed by interviews
WHEN: Tuesday, March 8, 2011
WHERE:
1. Colorado Economic Housing Summit/Realtor Rally
Colorado Convention Center 9:30AM
One level down, go to the Korbel Ballroom Foyer---enter at the back of the Four Seasons Ballroom
700 14th Street
Denver, CO 80202
2. Colorado Association of Mortgage Professionals Quarterly Meeting
Pepsi Center 11:30AM
Club Level-Ridgeline Room
1000 Chopper Circle
Denver, CO 80204
For more information, contact Jane Goin at (303) 672-5440 or [email protected].
POSTED BY DIVIS ION OF HOUSING AT 11:05 AM LINKS TO THIS POST
LABELS: ANNOUNCEMENTS , HU D
News Digest, March 7
Aussies join international rush to snap up luxury homes in Aspen, Colorado
"I have a long list of Australian friends who are coming to visit," she says. If recent activity is anything
to go by, those friends, encouraged by a favourable exchange rate, will also be tempted to put down
some roots.
Co-op responsibilities may be too high for some students
While many students yearn for their independence and flee the dorms for their own space, others --
like University of Colorado junior Daniel Daenen -- seek community and companionship in Boulder's
co-op housing.
Colorado tax break intended for struggling farmers enriches developers, investors
POSTED BY RYAN MCMAKEN AT 8:14 AM 0 COMMENTS LINKS TO THIS POST
LABELS: NEWS DIGEST
F R I D A Y , M A R C H 4 , 2 0 1 1
Colo. Housing Assistance Corp. awarded $234,000
The Department of Local Affairs has announced that $234,000.00 in HOME Investment Partnerships
Program (HOME) funds has been awarded to Statewide County for the following project:
Colorado Housing Assistance Corporation (CHAC) is awarded a grant of $234,000 on behalf of the
Downpayment Assistance (DPA) program of the Homeownership Education and Real Estate
Opportunity (HERO) Alliance. CHAC operates this program for the HERO Alliance, a statewide
collaboration of funding sources and service providers who make homeownership possible for persons
with disabilities. Homeowners receive housing counseling and DPA in order to secure low-interest
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mortgages from Rural Development, CHFA, and conventional banks. This grant would assist 24
persons with disabilities who are at or below 80% AMI with about $8,500 of downpayment assistance
(not to exceed $10,000). Funds are loaned at 1.5% for 30 years and payments are deferred until first
mortgage is repaid.
POSTED BY DIVIS ION OF HOUSING AT 8:40 AM LINKS TO THIS POST
LABELS: CHAC , DOWNPAYMENT ASSISTANCE , HOME FUNDS
Rocky Mountain Community Land trust awarded $91,500 for El Paso
County
The Department of Local Affairs has announced that $91,500.00 in HOME Investment Partnerships
Program (HOME) funds has been awarded to El Paso County for the following project:
Rocky Mountain Community Land Trust (RMCLT) is awarded a grant in the amount of $91,500 to
continue their Downpayment Assistance (DPA) program. These funds will be used to assist with the
acquisition of six (6) properties. Through the Community Land Trust model, RMCLT acquires and
holds title to the land permanently while the homebuyer purchases the house. The homebuyer then
pays the mortgage on the home to the bank and pays a monthly ground lease on the land to RMCLT. In
addition, RMCLT staff provides on-going assistance to their home owners on issue including
budgeting, personal finance, and home maintenance. The RMCLT connects with potential homebuyers
through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and
new homebuilders. DOH Funds provide homebuyers with approximately $12,750 of downpayment
assistance of the purchase price to first-time homebuyers who work in El Paso County.
POSTED BY DIVIS ION OF HOUSING AT 8:35 AM LINKS TO THIS POST
LABELS: AWARDS, COLORADO SPRINGS, EL PASO COUNTY, HOME FUNDS, ROCKY MOUNTAIN COMMUNITY
LAND TRUST
LaPlata County Homes Fund awarded $381,770
The Department of Local Affairs has announced that $381,770 in HOME Program funds has been
awarded to La Plata County for the following project:
La Plata County Homes fund is a Community Development Financial Institution (CDFI) created by the
La Plata County Regional Housing Alliance (RHA), a multijurisdictional housing authority that has
received DOH funding for down payment assistance loans in the past. The Homes Fund was awarded a
grant for $381,770, of which $350,000 will fund new loans, $26,039 project administration, and
$5,731 will fund program administration (agency overhead). The program will provide at least 15 down
payment assistance loans to homebuyers at or below 80% AMI. Funding from other sources will
provide loans to buyers over 80% and less than 150% AMI. Repayment of loans, all secured by second
deeds of trust, will range from fully amortizing loans to equity sharing, depending on the needs of the
client and the circumstances of the transactions.
POSTED BY DIVIS ION OF HOUSING AT 8:31 AM LINKS TO THIS POST
LABELS: AWARDS, CDFI , HOME FUNDS, LA PLATA COUNTY
San Juan County awarded $296,710
The Department of Local Affairs has announced that $296,710.00 in Community Development Block
Grant (CDBG) funds has been awarded to San Juan County for the following project:
San Juan County, on behalf of Housing Solutions for the Southwest, was awarded a grant of $ to
support their ongoing Housing Rehabilitation Program for the coming year 2010/2011. This program
will provide and administer twelve housing rehabilitation loans and two emergency repairs, as well as a
rental unit in a pilot rental-rehab project.
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POSTED BY DIVIS ION OF HOUSING AT 8:29 AM LINKS TO THIS POST
LABELS: AWARDS, CDBG, SAN JUAN COUNTY
T H U R S D A Y , M A R C H 3 , 2 0 1 1
Habitat for Humanity awarded $770,000
The Department of Local Affairs has announced that $770,000.00 in HOME Investment Partnerships
Program (HOME) funds has been awarded for the following project:
Habitat for Humanity of Colorado will receive a grant of $770,000 to help local affiliates acquire lots,
develop infrastructure, and/or build 70 single-family homes affordable to households earning 25% to
50% of the Area Median Income. The State Housing Board also recommended that the contract be
amended to provide full funding of $1,100,000 for 100 homes, contingent on Habitats performance.
The grant also funds administration and technical assistance to affiliates.
Habitat homes are typically single-family dwellings built with no garage, carport or basements. They
are generally about 1,200 square feet with three bedrooms and two bathrooms. In some cases, due to
local jurisdictions requirements, Habitat homes do exceed these standards of simplicity (ex. they
might include a garage). Some affiliates are also acquiring and rehabilitating existing homes. Habitat
uses grants, donations and sweat equity to keep the cost to build the home down and to also keep the
first mortgage affordable to the homebuyer. The difference between the first mortgage and theappraised value of the home is recorded as a second mortgage and is forgivable over time.
POSTED BY DIVIS ION OF HOUSING AT 3:41 PM LINKS TO THIS POST
LABELS: AWARDS, HABITAT , STATEWIDE
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