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The Landscape: Rich Laden's real estate blog


All things residential and commercial real estate

El Paso County better than some counties, worse than others, when it comes to foreclosures

November 20th, 2009, 11:00 am by Rich Laden

Foreclosure filings in El Paso County, which includes Colorado Springs, already broke last year’s record of 4,602 and are on their way to exceeding 5,000, Public Trustee Tom Mowle has said. However, a Colorado Division of Housing report Thursday at least shows that El Paso County is doing OK when it comes to comparison to other counties. Third-quarter foreclosure filings in El Paso County were up 64 percent when compared with the same period last year. But in Douglas County, filings more than doubled, while Denver and Arapahoe counties increased 67 percent and 76 percent, respectively, in the third quarter. Foreclosure filings are the start of the state’s foreclosure process; property owners who receive a foreclosure notice have a few months to try and resolve the problem. Foreclosure sales in El Paso County — properties that went through the foreclosure process and there were sold by the Public Trustee at auction — rose 3 percent in the third quarter over the same period a year earlier. Foreclosure sales in Boulder County rose 4 percent and were up 5 percent in Weld County. Foreclosure sales tripled in Mesa County, where Grand Junction’s economy has fallen on hard times.  Here’s a Housing Division table on foreclosure filings and sales:

 

 

2008

2009

Percent change year-over-year

 

2008

2009

Percent change year-over-year

 

3rd Q Filings

3rd Q Filings

 

 

3rd Q Sales

3rd Q Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams

1,069

1,456

36

 

1013

790

-22

Alamosa

9

16

78

 

9

7

-22

Arapahoe

963

1,699

76

 

1003

743

-26

Archuleta

29

52

79

 

17

29

71

Baca

0

2

n/a

 

0

1

n/a

Bent

2

13

550

 

0

2

n/a

Boulder

201

447

122

 

137

142

4

Broomfield

58

78

34

 

33

35

6

Chaffee

10

22

120

 

3

24

700

Cheyenne

6

0

-100

 

3

0

-100

Clear Creek

14

28

100

 

20

13

-35

Conejos

8

4

-50

 

2

0

-100

Costilla

1

5

400

 

1

0

-100

Crowley

5

7

40

 

3

1

-67

Custer

9

4

-56

 

0

0

n/a

Delta

33

60

82

 

15

23

53

Denver

979

1,637

67

 

1359

808

-41

Dolores

1

6

500

 

0

0

n/a

Douglas

340

1,637

381

 

287

260

-9

Eagle

41

142

246

 

21

47

124

Elbert

50

86

72

 

35

41

17

El Paso

869

1,427

64

 

675

698

3

Fremont

61

96

57

 

49

59

20

Garfield

25

121

384

 

2

20

900

Gilpin

10

22

120

 

7

9

29

Grand

41

65

59

 

26

22

-15

Gunnison

13

64

392

 

13

30

131

Hinsdale

3

0

-100

 

0

1

n/a

Huerfano

15

9

-40

 

3

1

-67

Jackson

1

1

0

 

0

0

n/a

Jefferson

713

1,050

47

 

563

441

-22

Kiowa

0

0

n/a

 

0

0

n/a

Kit Carson

5

10

100

 

4

4

0

La Plata

30

75

150

 

8

27

238

Lake

10

12

20

 

2

4

100

Larimer

346

555

60

 

242

225

-7

Las Animas

17

31

82

 

6

13

117

Lincoln

2

12

500

 

3

5

67

Logan

16

21

31

 

9

17

89

Mesa

116

373

222

 

32

100

213

Mineral

1

2

100

 

0

0

n/a

Moffat

0

28

n/a

 

1

22

2100

Montezuma

21

32

52

 

2

15

650

Montrose

43

81

88

 

10

35

250

Morgan

34

63

85

 

20

33

65

Otero

24

21

-13

 

20

16

-20

Ouray

1

18

1700

 

2

10

400

Park

55

87

58

 

42

50

19

Philips

3

0

-100

 

2

1

-50

Pitkin

3

42

1300

 

4

10

150

Prowers

6

10

67

 

6

9

50

Pueblo

258

420

63

 

210

208

-1

RioBlanco

2

11

450

 

0

1

n/a

Rio Grande

19

25

32

 

6

14

133

Routt

10

58

480

 

2

16

700

Saguache

11

5

-55

 

4

5

25

San Juan

1

1

0

 

1

2

100

San Miguel

5

21

320

 

2

7

250

Sedgwick

2

3

50

 

1

0

-100

Summit

48

93

94

 

32

6

-81

Teller

46

82

78

 

46

50

9

Washington

4

10

150

 

3

4

33

Weld

560

905

62

 

436

459

5

Yuma

7

3

-57

 

4

3

-25

Totals

7,285

13,366

83

 

6461

5,618

-13

 

 

Web site gives a peek into commercial properties for sale

November 12th, 2009, 5:11 pm by Rich Laden

colorado-springs-downtown-image2Think there are a lot of single-family houses on the market? There also are hundreds of commercial properties available in the Colorado Springs area. One great source of information to see what’s listed: http://www.coloradospringscommercialproperties.com/. Once on the site, click on the “search properties” button, and then fill in various search criteria such as the type of property (office, industrial and retail) and whether you want to look at properties for sale or lease. Most of the properties that pop up show the sale or lease price, address and photos of the property. And the headers at the top of each column allow you to sort the information by price or location. You’d be surprised at what’s for sale. One of the priciest commercial properties on the market? The Checks Unlimited campus at 8145 N. Union Blvd. in northern Colorado Springs. The price is $19 million for the nearly 50-acre property, which includes a 230,300-square-foot office and manufacturing building.

Home values up in Colorado Springs, Zillow says

November 12th, 2009, 4:23 pm by Rich Laden

Zillow.com, the on-line home value service, isn’t the last word on home values. But it’s one snapshot of information on what homes might be  worth. For the third quarter, a new Zillow report shows that 24 of 156 metropolitan areas saw an increase in home values during the third quarter compared with the same period last year, and Colorado Springs was one of them. Colorado Springs home values increased 2 percent to $201,100 in the third quarter, according to Zillow. That’’s for single-family homes only, and  just in the Springs metro area. Values differed in unincorporated and outlying areas.  The full report, which includes all of El Paso County, can be found at this link:  http://www.zillow.com/local-info/. Click on Colorado Springs. Zillow qualifies its reports by saying that it uses various sources of information to determine home values, which it says are different than home prices.

Re/Max Properties receives national recognition

November 10th, 2009, 4:34 pm by Rich Laden
Joe Clement (front row, far right) and members of Re/Max Properties

Joe Clement (front row, far right) and members of Re/Max Properties

Re/Max Properties in Colorado Springs was one of three Re/Max franchises recently recognized as among the nation’s best for quality service and customer satisfaction, according to real estate industry organizations Quality Service Certification Inc.  and Leading Research Corporation. “I am proud of our agents for earning this honor for the second year in a row,” Joe Clement, broker/owner of Re/Max Properties, said in a statement  “It’s very gratifying for us, because it shows that our commitment to delivering great service is a success.” According to a news release, the recognition was based on feedback from 200,000 customer surveys of more than 500 participating companies and 25,000 real estate agents. “

It’s an especially good time to buy a house, economist says

November 2nd, 2009, 10:15 am by Rich Laden
Eugenio Alemán

Eugenio Alemán

You could call him self serving, but that doesn’t mean he’s wrong. At the close of his keynote address Friday to the Southern Colorado Economic Forum in Colorado Springs, Eugenio Alemán, senior economist for Wells Fargo Economics Group in Minneapolis, told several hundred people in attendance that there simply won’t be a better time to buy a house. Sure, real estate agents are forever saying the same thing, but it’s especially true now, he said. And it’s not just the $8,000 tax credit being offered by the federal government through Nov. 30, Alemán said. Mortgage rates for a 30-year, fixed-rate loan averaged 5.03 percent last week after having dipped below 5 percent during much of October, according to mortgage giant Freddie Mac. In addition, Alemán said, home prices have fallen significantly. Those three factors have combined to create a perfect storm of favorable incentives for home buyers, he said.

Colorado Springs’ foreclosure problem ranks 56th worst in nation

October 28th, 2009, 10:01 am by Rich Laden

realtytrac-logoA third-quarter 2009 report by RealtyTrac, the Irvine, Calif.-based on-line research firm that tracks foreclosures around the country, lists Colorado Springs as the 56th worst market in the country in terms of foreclosure problems. That puts the Springs in the upper one-fourth of the 203 metropolitan areas in the report. The Springs had one property in some form of foreclosure for every 133 households in the third quarter, according to RealtyTrac. Denver/Aurora was slightly worse than the Springs; it had one foreclosure for every 113 households. Las Vegas had one foreclosure for every 20 households, giving it the dubious distinction of the worst ranking in the RealtyTrac report. Utica-Rome, in upstate New York, had the best ranking: one foreclosure for every 5,441 households. Colorado officials aren’t keen on RealtyTrac’s numbers; they say Colorado counts its foreclosure differently than other states and therefore RealtyTrac’s numbers amount to an apples and orange comparison.

U.S. Metro Foreclosure Market Data – Q3 2009

Rate Rank

Metro Name

Properties with FC Filings

 

%Housing Units

1/every X HU

%Δ from Q2 2009

%Δ from Q3 2008

U.S. Total

937,840

0.73

136

5.40

22.50

1

Las Vegas-Paradise, NV Total

40,408

5.13

20

8.82

53.62

2

Merced, CA Total

3,092

3.72

27

-13.32

-11.12

3

Cape Coral-Fort Myers, FL Total

13,206

3.67

27

-5.19

-2.19

4

Stockton, CA Total

8,000

3.53

28

1.63

-3.05

5

Modesto, CA Total

5,883

3.39

30

-3.03

-0.12

6

Riverside-San Bernardino-Ontario, CA Total

48,416

3.37

30

-7.91

11.83

7

Bakersfield, CA Total

7,753

2.88

35

-7.64

14.25

8

Vallejo-Fairfield, CA Total

4,266

2.85

35

-3.83

-3.37

9

Reno-Sparks, NV Total

4,787

2.67

37

14.17

80.44

10

Port St. Lucie, FL Total

5,434

2.63

38

28.19

40.05

11

Orlando-Kissimmee, FL Total

22,700

2.57

39

5.07

41.92

12

Phoenix-Mesa-Scottsdale, AZ Total

40,566

2.43

41

4.72

18.56

13

Sacramento–Arden-Arcade–Roseville, CA Total

19,068

2.25

44

1.89

19.10

14

Miami-Fort Lauderdale-Pompano Beach, FL Total

53,710

2.23

45

-5.20

34.67

15

Fresno, CA Total

5,860

1.93

52

-7.75

16.48

16

Salinas, CA Total

2,537

1.82

55

-8.38

-20.89

17

Visalia-Porterville, CA Total

2,439

1.80

56

-9.16

26.24

18

Lakeland, FL Total

4,907

1.77

57

11.32

41.49

19

Boise City-Nampa, ID Total

4,157

1.76

57

22.16

141.55*

20

San Diego-Carlsbad-San Marcos, CA Total

18,519

1.63

61

-5.09

7.21

21

Provo-Orem, UT Total

2,316

1.63

61

10.87

119.94

22

Oxnard-Thousand Oaks-Ventura, CA Total

4,434

1.63

61

0.50

17.15

23

Los Angeles-Long Beach-Santa Ana, CA Total

69,403

1.58

63

2.07

32.38

24

Naples-Marco Island, FL Total

2,997

1.56

64

-15.65

-4.49

25

Deltona-Daytona Beach-Ormond Beach, FL Total

3,697

1.50

67

-6.81

27.70

26

Jacksonville, FL Total

8,654

1.48

68

1.80

63.50

27

Ocala, FL Total

2,342

1.47

68

-10.85

31.06

28

Santa Rosa-Petaluma, CA Total

2,898

1.47

68

2.04

19.51

29

Prescott, AZ Total

1,508

1.44

69

3.86

76.58

30

Sarasota-Bradenton-Venice, FL Total

5,528

1.42

71

-0.11

-6.59

31

Palm Bay-Melbourne-Titusville, FL Total

3,709

1.40

71

11.62

10.32

32

San Francisco-Oakland-Fremont, CA Total

22,876

1.35

74

6.56

22.06

33

Greeley, CO Total

1,234

1.33

75

9.01

23.52

34

Tampa-St. Petersburg-Clearwater, FL Total

17,012

1.29

77

-6.13

-4.99

35

San Jose-Sunnyvale-Santa Clara, CA Total

8,185

1.29

77

2.68

28.76

36

Fayetteville-Springdale-Rogers, AR-MO Total

2,250

1.23

82

4.65

53.27*

37

Chico, CA Total

1,156

1.22

82

33.80

97.61

38

Santa Barbara-Santa Maria-Goleta, CA Total

1,790

1.18

85

11.39

5.85

39

Atlanta-Sandy Springs-Marietta, GA Total

24,787

1.17

85

4.88

13.90

40

Detroit-Warren-Livonia, MI Total**

21,978

1.16

86

7.35

1.89

41

Salt Lake City, UT Total

4,231

1.08

93

28.52

105.19

42

Tucson, AZ Total

4,430

1.04

96

1.12

53.13

43

San Luis Obispo-Paso Robles, CA Total

1,155

1.00

100

1.76

53.18

44

Santa Cruz-Watsonville, CA Total

1,015

0.99

101

-11.51

12.40

45

Flint, MI Total**

1,787

0.91

110

5.61

25.93

46

Washington-Arlington-Alexandria, DC-VA-MD-WV Total

19,318

0.91

110

22.22

9.25

47

Denver-Aurora, CO Total

9,235

0.89

113

5.48

-1.58

48

Chicago-Naperville-Joliet, IL-IN-WI Total

33,065

0.88

113

6.79

28.46

49

Rockford, IL Total

1,224

0.85

117

24.14

63.86

50

Lansing-East Lansing, MI Total**

1,653

0.84

119

4.95

40.92

51

Pensacola-Ferry Pass-Brent, FL Total

1,637

0.83

120

13.05

23.27

52

Fort Collins-Loveland, CO Total

1,027

0.81

124

64.58

63.28

53

Cleveland-Elyria-Mentor, OH Total

7,309

0.77

129

11.30

-1.04

54

Grand Rapids-Wyoming, MI Total**

2,415

0.76

132

8.93

25.52

55

Memphis, TN-MS-AR Total

4,125

0.75

133

-4.11

-19.90

56

Colorado Springs, CO Total

1,926

0.75

133

1.21

15.95

57

Ogden-Clearfield, UT Total

1,317

0.74

134

-17.17

50.34

58

Minneapolis-St. Paul-Bloomington, MN-WI Total

9,767

0.74

136

13.54

98.68

59

Holland-Grand Haven, MI Total**

718

0.72

140

25.09

124.38

60

Atlantic City, NJ Total

885

0.70

143

33.28

9.26

61

Tulsa, OK Total

2,764

0.70

144

63.84

54.33*

62

Portland-Vancouver-Beaverton, OR-WA Total

6,123

0.69

145

4.88

78.36

63

Indianapolis-Carmel, IN Total

5,074

0.68

147

-15.26

-15.84

64

Canton-Massillon, OH Total

1,193

0.67

149

-10.70

-8.16

65

Toledo, OH Total

1,922

0.64

156

-5.69

-3.27

66

Worcester, MA Total

1,990

0.63

159

23.83

21.42

67

Salem, OR Total

913

0.62

160

4.58

77.97

68

Cincinnati-Middletown, OH-KY-IN Total

5,461

0.60

167

8.55

0.53

69

Charleston-North Charleston, SC Total

1,693

0.60

167

-0.06

11.16

70

Ann Arbor, MI Total**

880

0.60

167

20.05

-12.70

71

Charlotte-Gastonia-Concord, NC-SC Total

4,231

0.60

167

46.30

33.81

72

Savannah, GA Total

850

0.59

169

10.25

77.45

73

Milwaukee-Waukesha-West Allis, WI Total

3,833

0.58

171

2.73

24.61

74

Kansas City, MO-KS Total

4,960

0.58

174

26.92

15.43†

75

Gainesville, FL Total

654

0.57

176

9.73

64.74

76

Green Bay, WI Total

758

0.56

177

8.75

149.34*

77

Little Rock-North Little Rock-Conway, AR Total

1,605

0.55

183

44.46

35.79*

78

Macon, GA Total

558

0.54

184

-14.02

6.08

79

Trenton-Ewing, NJ Total

760

0.54

185

46.15

-20.83

80

Jackson, MS Total

1,189

0.54

185

63.10

599.41*

81

Akron, OH Total

1,637

0.53

188

-4.77

-46.69

82

Columbus, OH Total

4,102

0.53

188

-28.83

-33.19

83

Birmingham-Hoover, AL Total

2,622

0.53

190

-1.35

336.27*

84

Greenville-Mauldin-Easley, SC Total

1,412

0.53

190

16.41

176.86*

85

Tallahassee, FL Total

832

0.52

191

1.96

47.52

86

Dayton, OH Total

1,931

0.51

197

-24.36

-20.86

87

Youngstown-Warren-Boardman, OH-PA Total

1,316

0.50

199

4.94

25.69

88

Saginaw-Saginaw Township North, MI Total**

433

0.49

205

0.46

9.34

89

Bremerton-Silverdale, WA Total

488

0.48

207

11.93

40.63

90

Baltimore-Towson, MD Total

5,330

0.48

208

109.84

95.74

91

Kalamazoo-Portage, MI Total**

684

0.47

211

-7.07

31.29

92

Fort Wayne, IN Total

825

0.46

216

-14.06

-35.34

93

Springfield, MA Total

1,312

0.46

216

34.29

94.08

94

St. Louis, MO-IL Total

5,701

0.46

216

25.43

-12.63†

95

Seattle-Tacoma-Bellevue, WA Total

6,495

0.46

217

-11.21

37.75

96

Dallas-Fort Worth-Arlington, TX Total

10,700

0.45

221

4.85

7.86

97

Columbia, SC Total

1,401

0.45

222

9.11

77.34

98

Boulder, CO Total

551

0.45

224

34.39

45.77

99

Mobile, AL Total

791

0.44

226

-10.01

82.68*

100

Boston-Cambridge-Quincy, MA-NH Total

7,962

0.44

229

9.96

19.46

101

Richmond, VA Total

2,215

0.43

230

24.37

89.97

102

Reading, PA Total

690

0.43

232

10.40

16.16

103

Brownsville-Harlingen, TX Total

613

0.43

235

29.05

-1.61

104

Chattanooga, TN-GA Total

971

0.43

235

4.41

12.38††

105

Barnstable Town, MA Total

661

0.42

235

43.07

119.60

106

Eugene-Springfield, OR Total

632

0.42

236

3.44

62.05

107

Greensboro-High Point, NC Total

1,310

0.42

238

19.31

18.44

108

Virginia Beach-Norfolk-Newport News, VA-NC Total

2,850

0.42

239

-0.07

35.39†

109

Myrtle Beach-Conway-North Myrtle Beach, SC Total

703

0.42

239

-6.89

166.29*

110

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Total

9,912

0.42

241

28.23

10.95

111

Des Moines-West Des Moines, IA Total

976

0.41

241

49.24

84.15*

112

Austin-Round Rock, TX Total

2,641

0.41

242

59.10

74.78

113

Albuquerque, NM Total

1,447

0.41

244

9.70

73.09*

114

Hagerstown-Martinsburg, MD-WV Total

460

0.41

245

39.39

109.09

115

New Orleans-Metairie-Kenner, LA Total

1,797

0.41

246

8.25

46.93

116

Appleton, WI Total

367

0.41

246

58.87

149.66*

117

Louisville/Jefferson County, KY-IN Total

2,217

0.41

246

10.46

7.26

118

South Bend-Mishawaka, IN-MI Total

562

0.40

248

-1.40

-25.37

119

Nashville-Davidson–Murfreesboro–Franklin, TN Total

2,572

0.40

249

17.60

3.21††

120

New Haven-Milford, CT Total

1,396

0.40

250

62.70

0.50

121

McAllen-Edinburg-Mission, TX Total

986

0.40

251

1,197.37

101.22

122

Bridgeport-Stamford-Norwalk, CT Total

1,394

0.40

251

78.72

6.66

123

Providence-New Bedford-Fall River, RI-MA Total

2,679

0.40

252

2.68

20.95

124

Houston-Sugar Land-Baytown, TX Total

8,482

0.39

256

1.48

-8.12

125

Winston-Salem, NC Total

804

0.39

257

15.52

-23.28

126

Anchorage, AK Total

543

0.39

258

39.95

29.90

127

Augusta-Richmond County, GA-SC Total

832

0.37

272

18.01

20.23

128

San Antonio, TX Total

2,764

0.37

274

4.50

20.23

129

Allentown-Bethlehem-Easton, PA-NJ Total

1,209

0.36

276

15.25

93.13*

130

York-Hanover, PA Total

627

0.36

278

-23.07

24.90

131

Sioux Falls, SD Total

329

0.36

278

116.45

196.40

132

Killeen-Temple-Fort Hood, TX Total

521

0.36

279

6.33

68.61

133

Honolulu, HI Total

1,186

0.35

282

24.84

85.89

134

Columbus, GA-AL Total

453

0.35

283

24.79

24.45

135

Manchester-Nashua, NH Total

558

0.34

290

-16.72

-15.96

136

Springfield, MO Total

623

0.34

294

0.00

0.48†

137

Raleigh-Cary, NC Total

1,428

0.34

298

17.63

11.65

138

New York-Northern New Jersey-Long Island, NY-NJ-PA Total

24,715

0.33

299

29.43

14.69

139

Olympia, WA Total

332

0.33

302

-19.22

17.31

140

Wichita, KS Total

851

0.33

303

13.92

51.69

141

Madison, WI Total

803

0.33

307

5.66

130.09*

142

Norwich-New London, CT Total

368

0.32

317

102.20

21.45

143

Oklahoma City, OK Total

1,639

0.31

318

79.13

-12.17

144

Montgomery, AL Total

486

0.31

322

-26.92

115.04*

145

Knoxville, TN Total

950

0.31

325

9.70

0.53††

146

Davenport-Moline-Rock Island, IA-IL Total

500

0.30

330

25.00

33.69

147

Topeka, KS Total

307

0.30

336

42.13

60.73

148

Hartford-West Hartford-East Hartford, CT Total

1,450

0.29

339

56.76

12.93

149

Shreveport-Bossier City, LA Total

498

0.29

346

54.66

277.27*