The average rent for the region was up from $738 reported during the fourth quarter of 2010, and was down slightly from 2011’s third-quarter average rent of $778, shows the report by the Colorado Division of Housing and the Apartment Association of Southern Colorado.

The median rent rose year over year to $742 during the fourth quarter, rising 4.3 percent from 2010’s fourth-quarter median rent of $711. The average rent increased in all types of apartments measured, including all types of units from efficiency apartments to three-bedroom apartments.

The average rent also increased year over year in all sub-markets measured during the fourth quarter in all areas except the Central region where the average rent fell 1.8 percent to $699. The average rent increased the most in the Southeast region where it increased 12 percent year over year to $708.

“We generally expect the rent to drop off a bit during the fourth quarter,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “Comparing year-over-year, however, we’ve now seen two years of solid rent growth in Colorado Springs.”

Average rents for all market areas were:

• Northwest, $819.
• Northeast, $742.
• Far Northeast, $900.
• Southeast, $708.
• Security/Widefield/Fountain, $615.
•  Southwest, $797.
•  Central, $699.

The apartment vacancy rate in the Colorado Springs metro area fell year over year to 6.7 percent during the fourth quarter of 2011, falling from 2010’s fourth-quarter vacancy rate of 7.2 percent. The fourth-quarter rate rose from this year’s third-quarter rate which was 6.2 percent.

The vacancy rate declined year over year in the Northeast, Far Northeast, Southeast and Security/Widefield/Fountain areas of Colorado Springs, while the vacancy rate increased during the same period in the Northwest and Central areas. The vacancy rate was unchanged in the Southwest area.

“Due to seasonal issues, the vacancy rate moved up a bit during the fourth quarter, but it was the lowest fourth-quarter vacancy rate for the metro area since the year 2000,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “The region saw some job growth during 2011, and that, coupled with little new multifamily construction, has sent the vacancy rate down to a 12-year low.”

Vacancy rates for all market areas were:

• Northwest, 6.8 percent.
• Northeast, 5.3 percent.
• Far Northeast, 6.5 percent.
• Southeast, 9.6 percent.
• Security/Widefield/Fountain, 10.7 percent.
•  Southwest, 5.4 percent.
•  Central, 7.1 percent.

Apartment Realty Advisors is also a major sponsor of this report. The Vacancy and Rent Surveys are a service provided by the Colorado Department of Local Affairs’ Colorado Division of Housing and the Apartment Association of Southern Colorado to renters and the multi-family housing industry on a quarterly basis.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Apartment rents hit high in Springs
• Record rents in Colorado Springs
• Springs apartment vacancy rate at 10-year low
• Springs apartment vacanices hit 9-year low
• Springs apartment vacancy rate falls

For the past nine quarters, the vacancy rate has fallen when compared to the same quarter one year earlier. The last time the quarterly vacancy rate rose year over year was during the third quarter of 2009.

From the fourth quarter of 2010 to the same period of 2011, the vacancy rates dropped in Adams, Denver, Douglas and Jefferson counties. Vacancies rose in Arapahoe County and in the Boulder/Broomfield area.

Renters hunting for lower rates

“Vacancies continue to decline year over year as demand grows faster than the production of new rental product,” said Ron Throupe, professor of Real Estate at the Burns School of Real Estate and Construction Management at the University of Denver, and the report’s author. “However, since the third quarter of 2011 we’re seeing some additional frictional vacancy as tenants move around in response to rising rents.”

As vacancy rates moved down, the area’s median rent increased. During the fourth quarter of 2011, the median rent in metro Denver rose to $870, increasing 2.8 percent from 2010’s fourth-quarter median rent of $846.

The median rent rose in all counties measured, with the largest increases found in Denver County and in the Boulder/Broomfield area where the median rent grew year over year by 3.4 percent and 3.7 percent, respectively. The county areas with the highest median rents were the Boulder/Broomfield Area and Douglas County where the median rents were $993 and $1,046, respectively. Denver County reported the lowest median rent at $834.

“The overall median rent in the Denver area has now increased year over year for eight quarters in a row, and the median rent has increased by almost 60 dollars over that time,” said Ryan McMaken a spokesman for the Colorado Division of Housing. “The rent growth we’re now seeing is more robust than what we saw during the last expansion between 2002 and 2008.”

Rental losses due to concessions, discounts and delinquencies fell to a ten-year low, dropping to 8.8 percent during the fourth quarter of 2011 from 2010’s fourth-quarter rate of 9.8 percent. Fourth-quarter rental losses have not been lower since 2002.

2011’s second-quarter vacancy rates by county were Adams, 5.3 percent; Arapahoe, 6.8 percent; Boulder/Broomfield, 4.4 percent; Denver, 4.8 percent; Douglas, 4.7 percent; Jefferson, 4.4 percent.

Median rents for all counties were:

• Adams, $873
• Arapahoe, $840
• Boulder/Broomfield, $993
•  Denver, $834
•  Douglas, $1046
• Jefferson, $836.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Apartment vacancies fall
• Apartment vacancies at 10-year low
• Denver apartments: Reasons to be bullish
• Boulder apartment vacancy rates soar
• Rents rise in Springs

There were 31,914 foreclosure filings in Colorado during 2011, compared to 42,746 filed during 2010, shows the report released by the Colorado Division of Housing.

Foreclosure sales at auction, the event that completes the foreclosure process, were also down during 2011, falling to the lowest level recorded since 2006.  Auction sales fell 17 percent from  23,854 in 2010 to 19,622 during 2011.

Foreclosure filing totals for the fourth quarter of this year were down 20.5 percent, falling to 8,540 this year from 2010’s fourth-quarter total of 10,737. Foreclosure sales at auction fell 13.5 percent to 4,057 from 2010’s fourth-quarter total of 4,691.

From the third quarter to the fourth quarter of this year, foreclosure filings rose 6.4 percent, while foreclosure auction sales fell 12.3 percent.

Foreclosure filings fell for the second year in a row during 2011, falling to 31 percent below 2009’s peak of 46,394. Foreclosure sales at auction fell from 2010 to 2011, following an increase in sales from 2009 to 2010. Foreclosure sales at auction peaked at 25,054 during 2007.  Auction sales totals fell 21 percent below peak levels during 2011.

Quarter-to-quarter, foreclosure auction sales have fallen for the past three quarters, reflecting substantial declines in new foreclosure filings that occurred from late 2010 to mid-2011. Foreclosure filings have risen for the past two quarters.

Legal issues slow foreclosures

“Foreclosures really slowed down during 2011, but not all of that was due to improvements in the real estate markets,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “Many lenders slowed down the processing of foreclosures during the first half of 2011 to deal with legal issues. Nevertheless, we do know that mortgage delinquencies are down and that home prices are stabilizing, so that also helped to push down foreclosure totals.”

While several regions of Colorado saw improvement during 2011, some areas continued to experience growth in foreclosures.

All 12 of the state’s metropolitan counties reported drops in both foreclosure filings and auction sales during 2011. From 2010 to 2011, Adams County filings fell 27 percent and Denver County filings fell 32 percent. Foreclosure filings in Mesa County fell 28 percent during the same period. Most of the state’s 64 counties reported year-over-year declines in foreclosure filings.

Those counties that did experience increases were generally found on the Western Slope and outside the Front Range. From 2010 to 2011, only 12 of Colorado’s 64 counties reported increases in foreclosure filings. Among those 12, ten were mountain counties including Garfield, Routt, San Miguel, Gilpin and Lake counties.

None of the state’s metropolitan counties were found among the counties with the highest foreclosure rates. The five counties with the highest foreclosure rates were Gilpin, Garfield, San Miguel, Grand and Lincoln counties.  Boulder County, on the other hand, reported the lowest foreclosure rate of any metropolitan county and also had one of the lowest foreclosure rates overall.

Still too high

Although foreclosures filings have fallen for the past two years, foreclosure activity remains at unusually high levels.

“Foreclosure sales at auction have basically been flat for the past five years and totals are still twice what we’d consider to be normal,” McMaken said. “We expect more progress to be made in 2012, although the task of dealing with the existing inventory of properties in foreclosure is likely to extend beyond this year.

Foreclosure sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction. Filings denote the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has at least 110-120 days to work with the lender to avoid a completed foreclosure. It is during this period that borrowers work with lenders and housing counselors to work out loan modifications, short sales, or other ways of withdrawing the foreclosure.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• RealtyTrac: Colorado No. 9 for foreclosures
• Foreclosures rise in November, but down for the year
• Foreclosure sales down 28%
• Colorado No. 10 for foreclosures
• Foreclosure freefall continues

According to the 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.

For the fourth quarter alone, the number of deeds of trust released this year fell 27.3 percent. Releases fell from 80,265 during 2010’s fourth quarter to 58,340 during the same period this year. On the other hand, releases rose from the third quarter of 2011 to the fourth quarter, rising 15.5 percent from the third quarter’s total of 50,506.

“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.”

According to 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.

In spite of falling mortgage rates since 2008, loan payoff activity has fallen.

“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.”

Trends in release activity varied by county. From 2010 to 2011, release totals fell in all counties surveyed except Douglas, Jefferson, Morgan, Park, Summit and Teller counties. All counties surveyed reported increases in activity from the third quarter to the fourth quarter of 2011. In general, the counties with higher real estate prices tended to report either increases in release activity, or smaller rates of decline. For example, from 2010 to 2011, some of the largest declines in release activity were found in Mesa, Pueblo, and Weld counties, which tend to have lower real estate prices than counties that reported increases such as Summit, Teller and Douglas Counties.

Totals for releases of deeds of trust are collected quarterly by the Colorado Division of Housing. This report tracks releases of deeds of trust as reported by public trustees in Colorado. The report includes twenty-one counties which are chosen based on population size and to ensure that as many regions of the state as possible are represented. More than 90 percent of all occupied households in Colorado are within the twenty-one counties chosen.

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.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Rents rise in Springs
• Vacancies down, rents up
• Foreclosures fall 25%
• RealtyTrac: Colorado No. 9 for foreclosures
• Loan payoffs rise

The report by the Irvine, Calif.-company, showed 1.78 percent of all housing units in Colorado had at least one foreclosure filing last year, compared to the national average of 1.45 percent.

The good news was that foreclosure filings in 2011 from 2010 dropped by 21.7 percent in Colorado. The bad news is that is far below the 34.3 percent drop for the overall nation.

Foreclosure filings in Colorado wee down 23.7 percent from 2009, again far below the national drop of 33.2 percent from 2009.

U.S. foreclosure rates last year were at their lowest point since 2007. RealtyTrac tracks the foreclosure process from the first filing to the REO, (Real Estate Owned), when the bank takes the property back.

Ryan McMaken, of the Colorado Division of Housing, who tracks foreclosure using a different methodology, thinks the trend RealtyTrac shows for Colorado is in the ballpark, but is skeptical that the state is doing worse than most other states.

Skeptical of ranking

“I do not know about the ranking,” McMaken said. “That remains an inscrutable process of how they arrive at their rankings.”

He noted that the Mortgage Bankers Association, and other groups, rank Colorado and the Denver area as markets with the lowest foreclosure rates, not the highest.

“We’re looking at other lists that put us among the Top 10 best,” as far as foreclosure activity, he said.

On the other hand, “ I do think RealtyTrac’s overall trend,” for Colorado is correct, he said.

“The bigger story is what we are looking at this year as far as foreclosure activity is that filings are way down, but completed foreclosure are pretty flat,” he said “We’re going to see about 20,000 foreclosure filings this years. Clearly, there is a downward trend for new filings.”

Nationally, “foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process. Colorado uses a public trustee system.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

December activity hits 49-month low, scheduled auctions up in fourth quarter

Foreclosure filings were reported on 205,024 U.S. properties in December, a decrease of 9 percent from the previous month and down 20 percent from December 2010. December’s total was the lowest monthly total since November 2007 — a 49-month low.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Colorado No. 10 for foreclosures
• Colorado No. 10 in foreclosures
• Foreclosures 30% of sales
• Colorado foreclosures fall 18%
• State No. 10 in foreclosures

Public trustees released a total of 177,409 deeds of trust for the first nine months of this year, rising from 2010’s nine-month total of 171,596. Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through a refinance, sale of a property or because the owner has made the final payment on the loan.

In the third quarter, however, the number of deeds of trust released this year fell 13.2 percent. Releases fell from 58,177 during 2010’s third quarter to 50,506 during the same period this year. Releases also fell from the second quarter of this year to the third quarter, falling 6.3 percent from the second quarter’s total of 53,878.

“Release activity is connected to activity in refinances and in new real estate purchases. So, when a lot of people are buying new homes or refinancing their mortgages, we see a surge in releases,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “Releases have gone down now for three quarters in a row, which tells us that there’s been less refinance and purchase activity going on out there in recent months.”

According to the report, the number of deeds of trust released during the third quarter of this year was the lowest quarterly release total reported since the division began collecting quarterly data in 2008. Releases totaled 50,506 during the third quarter of this year, coming in below the 52,656 releases reported during the fourth quarter of 2008, following the financial crisis.

Because  release totals reflect trends in refinance activity, releases tend to increase following declines in mortgage rates. Releases peaked in 2003, for example, following three years of declines in mortgage rates. Since 2008, however, release activity has remained low in spite of low mortgage rates.

“Even though mortgage rates have headed down this year to very low levels, we haven’t seen the kinds of increases in refinance and purchase activity that one might expect,” said Billie Jo Downing, a Realtor with Re/Max Action Brokers in Loveland. “Tighter lending standards are certainly affecting the overall volume.”

Trends in release activity varied by county. Year over year for the third quarter, release totals decreased in most counties surveyed. The only counties in which releases increased were Adams, Douglas, La Plata, Mesa, Summit and Teller Counties. Release activity during the third quarter fell 29 percent and 26 percent in Pueblo and Weld counties, respectively. Totals increased 76 percent in La Plata County and 67 percent in Mesa County.

In the first nine months of the year, Jefferson Count led the state, with a total of 25,687 releases. El Paso County was No. 2 with 24,017, followed by Denver with 20,518.

When adjusted for the number of households in each county, the counties with the most release activity were Summit, Douglas, Park, Teller and Boulder.

“Many factors can affect local release activity such as the mobility of the local population, job creation, income level and the overall demand for real estate,” McMaken said. “Not surprisingly, many of the areas with more release activity are also areas either with relatively high job creation or higher income levels such as Larimer, Boulder and Douglas counties.”

Totals for releases of deeds of trust are collected quarterly by the Colorado Division of Housing. This report tracks releases of deeds of trust as reported by public trustees in Colorado. The report includes 21 counties which are chosen based on population size and to ensure that as many regions of the state as possible are represented. More than 90 percent of all occupied households in Colorado are within the twenty-one counties chosen.

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. The deed of trust is released when the debt is paid in full. The full report is available on the Division of Housing blog.

County	2010	2011	Change from 2010
Adams	10,891	11,264	7.9%
Alamosa	436	420	-24.5%
Arapahoe	20,490	19,153	-11.8%
Boulder	14,049	14,388	-6.3%
Broomfield	2,490	2,378	-10.5%
Delta	1,038	855	-50.6%
Denver	21,648	20,583	-14.1%
Douglas	10,625	15,597	-7.4%
Eagle	1,623	1,914	-51.4%
El Paso	24,239	24,017	-27.3%
Fremont	1,364	1,309	-39.6%
Jefferson	22,479	25,687	4.8%
La Plata	2,080	2,133	-34.9%
Larimer	14,010	13,831	-9.4%
Mesa	5,524	4,902	-57.9%
Morgan	813	1,009	2.3%
Park	987	1,091	-24.0%
Pueblo	4,811	4,094	-34.4%
Summit	2,910	3,812	-27.4%
Teller	1,185	1,420	-11.9%
Weld	7,904	7,552	-23.7%
Tota	171,596	177,409	3.4%

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Rents rise in Springs
• Few enter HAMP
• Vacancies down, rents up
• Foreclosures fall 25%
• Historically low rates not enough

Foreclosure sales at auction increased in November from November 2010, the first year-over-year increase in 14 months, according to a state report released today.

However, both foreclosure filings and sales remain down by more than 20 percent so far this year, shows the report by the Colorado Division of Housing.

Foreclosure auction sales in Colorado’s metropolitan counties were up 7.9 percent in November compared to November of last year. However, comparing the first 11months of this year to the same period last year, foreclosure filings were down 28.6 percent through November while foreclosure auction sales were down 20.7 percent.

New foreclosure filings fell year over year during November with total filings dropping 21.7 percent from 2,932 filings in November 2010 to 2,296 filings in November of this year.  Foreclosure auction sales increased during the same period from 1,195 to 1,290.

From October 2011 to November 2011, foreclosure filings fell 2.3 percent, and foreclosure sales at auction rose 37.5 percent.

Foreclosure auction sales through November fell year over year from 2010’s 11-month total of 18,728 to 14,854 during the same period this year. Foreclosure filings were also down through November, falling to 23,556 filings year-to-date this year from last year’s 11-month total of 32,982.

Lender slowdown

“It looks like the big decreases in foreclosure filings that we saw during the first half of the year are behind us, but  even with some recent increases in new foreclosure activity, Colorado is still going to end 2011 with far fewer foreclosures than it saw during 2010,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “From last fall through last summer, foreclosure activity was really pushed down by a lender-initiated slowdown in foreclosure processing, but the effects of that seem to be lessening now.”

Year-to-date through November, the counties with the largest decreases in foreclosure filings, year-over-year, Mesa County and Denver County, where filings decreased by 35.2 percent and 32.2 percent, respectively. Pueblo County reported the smallest decline in filings with a decrease of 12.5 percent from the first eleven months of 2010 to the same period this year.  All counties surveyed reported year-over-year decreases in foreclosure filings.

For the first 11 months of this year, all counties also showed decreases in foreclosure auction sales when compared to the same period last year.  The counties with the largest decreases in foreclosure auction sales, year-over-year, were Broomfield County and Adams County, where auction sales decreased by 40.3 percent and 27.0 percent, respectively. Pueblo County reported the smallest decline in auction sales with a decrease of 9.1 percent from the first eleven months of 2010 to the same period this year.

The county with the highest rate of foreclosure sales during November was Adams County with a rate of 681 households per foreclosure sale. Mesa County came in second with 792 households per foreclosure sale. The lowest rate was found in Boulder County where there were 3,402 households per foreclosure sale.

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the 12 largest counties of Colorado. The report is a supplement to the division’s quarterly foreclosure report that includes all counties in Colorado.

County	First 11 months of 2010	First 11 months of 2011	Percent change from 2010
Adams	4,502	3,225	-28.4
Arapahoe	5,005	3,629	-27.5
Boulder	1,257	921	-26.7
Broomfield	277	202	-27.1
Denver	4,661	3,162	-32.2
Douglas	2,287	1,575	-31.1
El Paso	4,396	3,242	-26.3
Jefferson	3,509	2,476	-29.4
Larimer	1,675	1,221	-27.1
Mesa	1,544	1,001	-35.2
Pueblo	1,306	1,146	-12.6
Weld	2,561	1,757	-31.4
Total	32,962	13,556	-28.6

Source: Colorado Division of Housing

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Foreclosures fall 25%
• RealtyTrac: Colorado No. 9 for foreclosures
• Foreclosure sales down 28%
• Colorado No. 10 for foreclosures
• Foreclosure freefall continues

The report shows that foreclosure auction sales in the state’s metropolitan counties were down 28.3 percent from October 2010 to October of this year. Sales fell from October 2010’s total of 1,308 to 938 sales during October of this year.

New foreclosure filings also fell with total filings dropping 23.2 percent from 3,059 filings in October 2010 to 2,350 filings in October of this year.

From September 2011 to October 2011, foreclosure filings fell 3.3 percent, and foreclosure sales at auction fell 16.5 percent.

Year-to-date through October, foreclosure auction sales were down 22.6 percent, falling from 2010’s ten-month total of 17,533 to 13,564 during the same period this year. Foreclosure filings were down 29.3 percent when comparing the same periods. There were 21,260 filings year-to-date this year, and 30,050 filings during the same period last year.

“October’s auction sales fell off more than expected, and it’s pretty clear at this point that there’s a well-established downward trend now in place,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “We’re cautiously optimistic that the trend will continue, but we’re waiting to see how things look after homeowners begin to pay off holiday bills early next year.”

Year-to-date through October, the counties with the largest decreases in foreclosure auction sales, year-over-year, were Adams County and Broomfield County, where sales decreased by 31.3 percent and 42.3 percent, respectively. Pueblo County reported the smallest decline in auction sales with a decrease of 10.2 percent from the first ten months of 2010 to the same period this year.  All counties surveyed reported year-over-year decreases in foreclosure auction sales.

The county with the highest rate of foreclosure sales during October was Pueblo County with a rate of 950 households per foreclosure sale. Arapahoe County came in second with 1,183 households per foreclosure sale. The lowest rate was found in Boulder County where there were 3,988 households per foreclosure sale.

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the 12 largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.

County	October 2010 foreclosure sales	October 2011 foreclosure sales	Year-over-year percentage change
Adams	176	69	-60.8
Arapahoe	219	162	-16.9
Boulder	36	29	-19.4
Broomfield	6	8	33.3
Denver	197	115	-41.6
Douglas	90	65	-27.8
El Paso	160	135	-15.6
Jefferson	144	107	-25.7
Larimer	54	68	25.9
Mesa	53	39	-26.4
Pueblo	47	63	34.0
Weld	126	58	-54.0
TOTAL	1,308	938	-28.3

Source: Colorado Division of Housing

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Foreclosures fall 25%
• RealtyTrac: Colorado No. 9 for foreclosures
• Foreclosures rise in November, but down for the year
• Colorado No. 10 for foreclosures
• Foreclosure freefall continues

The average rent rose 6.7 percent from the third quarter of 2010, when it stood at $729. It also increased from $759 in the second quarter. The median rent also hit an all-time high of $752 during the third quarter, rising 7.4 percent from 2010’s third-quarter median rent of $700. The average rent increased in all types of apartments measured, including all types of units from efficiency apartments to three-bedroom apartments.

The average rent also increased in all sub-markets measured during the third quarter except in Northeast Colorado Springs where the average rent dropped from $749 to $741, year-over -year. The average rent in the Southeast region of Colorado Springs, on the other hand, increased $87  from $605 during last year’s third quarter, to $692 during the same period this year.

“This is some of the most solid rent growth we’ve seen in years,” said Ron Throupe, an assistant professor of business at the University of Denver, and the report’s author. “The third quarter showed the largest year-over-year increase in the metro-wide rent in ten years, and it was also the seventh quarter in a row for year-over-year growth.”

Average rents for all market areas were:

• Northwest, $849
•  Northeast, $741
•  Far Northeast,$909
•  Southeast, $692
•  Security/Widefield/Fountain, $613
•  Southwest, $790
•  Central, $718

The apartment vacancy rate in the Colorado Springs metro area fell to 6.2 percent during the third quarter of 2011, falling from 2010’s third-quarter vacancy rate of 6.6 percent. The third-quarter rate also fell from this year’s second-quarter rate which was 6.4 percent.

The vacancy rate declined in the Northeast, Southeast, Security/Widefield/Fountain and Southwest areas of Colorado Springs, while the vacancy rate increased in the Northwest, Far Northeast, and Central areas.

“The vacancy rate is at the second-lowest rate recorded in the last ten years, and it’s the lowest third-quarter vacancy rate since 2001,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “A lack of new multifamily construction in recent years is likely to encourage the rate to fall even more, but it looks like the industry is beginning to respond. Given the rent growth, it’s not surprising that El Paso County is among the counties with the most new multifamily building permits issued this year.”

Vacancy rates for all market areas were:

• Northwest, 5.6 percent;.
• Northeast, 4.6 percent;.
• Far Northeast, 7.1 percent.
•  Southeast, 8.0 percent.
•  Security/Widefield/Fountain, 10.7 percent. Southwest, 5.6 percent.
•  Central, 6.2 percent.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Rents rise in Springs
• Record rents in Colorado Springs
• Springs apartment vacancy rate at 10-year low
• Springs apartment vacanices hit 9-year low
• Springs apartment vacancy rate falls

The report showed that one out of every 458 households was in in some state of foreclosure last month. By contrast, the foreclosure rate for the nation was one out of every 563 households.

In Colorado, foreclosure activity in October fell by 17.8 percent from October 2010 and by 2.6 from September. That trails the 30.6 percent drop on a year-over-year basis and a 7.4 percent month-to-month drop for the entire country.

“This report appears to be quite similar to reports from recent months,” said Ryan McMaken, spokesman for the Colorado Division of Housing, who plans to release his October report for metropolitan counties in Colorado in a week or so. Although McMaken uses a different methodology than RealtyTrac, he said its “overall monthly totals appear to be pretty similar to our own monthly counts for auction sales and for new filings,” McMaken said.

Nationally, the “October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• RealtyTrac: Colorado No. 9 for foreclosures
• Colorado No. 10 in foreclosures
• Foreclosures 30% of sales
• Colorado foreclosures fall 18%
• State No. 10 in foreclosures