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Archive | February, 2011

Springs commuters buoy Pueblo housing market

28. February 2011

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40 percent of new homebuyers in Pueblo last year commuted to Colorado Springs for work, according to a new report from Springs-based Summit Economics. “It appears that Pueblo has emerged as a viable, affordable housing option for people who work 40 miles to the north in Colorado Springs,” the report said. Pueblo-based workers accounted for […]

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New home sales plummet in January

24. February 2011

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Sales of new single-family homes were at a seasonally adjusted annual rate of 284,000 in January 2011, according to a joint release today by the US Census Bureau and the US Department of Housing and Urban Development. That is a 12.6 percent drop from the revised December rate of 325,000, and an 18.6 percent drop […]

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Foreclosure sales make up 25 percent of all CO home sales

24. February 2011

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There were 17,410 foreclosure sales in Colo. in 2010, accounting for nearly 25 percent of all home sales in the state, according to data released today by Realtytrac. The average sale price for a foreclosure property in Colo. was $186,000, with foreclosure homes selling at an average discount of 28 percent. These numbers mirror the […]

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Springs Rep. Pete Lee introduces economic development bill

23. February 2011

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Rep. Pete Lee, D-Colorado Springs, sponsored the only bill to be introduced in the Colo. General Assembly yesterday. According to Lee’s website, HB11-1266 would “encourage investment in Colorado’s small businesses by creating an enterprise connecting investors to businesses.” The bill seeks to accomplish this by creating an authority to engage in research and development, education, […]

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Financial Times: MID does not promote home ownership

22. February 2011

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As budget hawks circle, the existential threat to the mortgage interest deduction for homeowners continues to grow. The tax break, which allows for a reduction in taxable income equal to the amount of interest paid on a home loan, is purported to cost the federal government $100 billion a year. Last November, President Obama’s deficit commission recommended eliminating […]

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El Paso County Assessor: Commercial real estate worth $6.8 billion

21. February 2011

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Commercial real estate in El Paso County was valued at $6.83 billion in 2010, according to the latest appraisal by the El Paso County Assessor. That’s a slight increase from 2009, when real estate in the county was valued at $6.825 billion. The yearly appraisal conducted by the county assessor’s office is for tax assessment purposes. Property […]

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HUD proposes raising mortgage interest premiums

15. February 2011

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The Department of Housing and Urban Development released its 2012 budget proposal yesterday. HUD projects further declines in Federal Housing Administration originations, which fell 9-percent in 2010, and the agency proposes raising mortgage insurance premiums on 15 and 30-year FHA-backed loans by .25-percent to make up for the shortfall. The premium change would affect new loans […]

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Big wins for construction industry at the Colorado Capitol

14. February 2011

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It has been a tough few years for the construction industry, but some good news trickled out of the Colorado Capitol last week. Two of the bills supported by the Associated General Contractors of Colorado are moving on to the next phase of the legislative process. House Bill 1115, sponsored by Reps. Kevin Priola, R-Henderson, and John […]

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Colorado foreclosures: Where does El Paso County rank?

10. February 2011

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The Colorado Division of Housing closed the books on 2010 last night, and the final statewide foreclosure numbers aren’t pretty. In 2010 there were 42,692 new forclosure filings in Colorado, which is the second highest on record behind the 46,394 filings in 2009. Foreclosure sales at auction, the event that completes the foreclosure process, were also […]

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CNN: Bet on Colorado Springs housing recovery for 2012

9. February 2011

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Colorado Springs ranked eighth in the country for largest projected housing price gains in 2012, according to this CNN report. But don’t get too giddy – the forecast calls for a paltry 2.9-percent gain in prices by September of next year. The stabalizing affect of government jobs associated with the Air Force Academy and military, […]

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