July 19, 2019

National News
Opendoor and Redfin join forces to begin buying houses in Phoenix and Atlanta

HousingWire | 7.12.19
In what may seem like a surprising partnership between two would-be competitors in the burgeoning iBuyer

market, Opendoor and Redfin are joining forces to buy homes in Phoenix and Atlanta.The companies announced this week that homeowners in those two cities will now be able to request a direct offer for their home from Opendoor through Redfin’s website and mobile apps. Read More

 

New bill slashes FHA mortgage insurance for first-time homebuyers

HousingWire | 7.10.19
The House of Representatives passed a bill Tuesday that slashes the cost of upfront mortgage insurance for first-time homebuyers using mortgages backed by the Federal Housing Administration.The Housing Financial Literacy Act of 2019, or H.R. 2162, stipulates that first-time homebuyers who complete a housing counseling program to learn about sustaining homeownership can get a 25-basis-point discount (0.25%) on their upfront mortgage insurance for an FHA loan.Read More

Here’s how to solve the mortgage customer retention crisis

HousingWire | 7.8.19
Here’s a terrifying problem in the mortgage business: Retaining customers is at an 18-year low for loan servicers, and only 18% of customers in early 2019 remained with the same lender post refinance. This is the first time customer retention has dropped below 20% since Black Knight began tracking the metric back in 2005, and first-half 2019 stats will shape up similarly.  Read More

 

Slight Gain in Homebuilding Isn’t Enough

NAR | 7.18.19
More construction for single-family homes was underway last month, possibly offering a small relief to markets experiencing an ongoing housing shortage. Most economists, however, say it’s not nearly enough to keep up with buyer demand. An increase in single-family housing starts in June helped to offset some of the drop in multifamily production, but total housing starts still edged 0.9% lower in June to a seasonally adjusted annual rate of 1.25 million units, the U.S. Commerce Department reported Wednesday. This marks the second consecutive month for a decrease in U.S. homebuilding, even though this is traditionally the busiest time of year for housing.Read More

Owners Spend More to Spruce Up Newer Homes Than Older Homes

NAR | 7.17.19
Homeowners are spending more to improve their homes, not necessarily on home maintenance. Homes may be aging in the U.S., but don’t assume the age of a home is prompting more spending. A new report from HomeAdvisor, a home remodeling resource, finds that homeowners spent $3.70 less for every year since a home was built. That means the owner of a 100-year-old home could spend an average of $370 less on emergency home projects per year than the owner of a new home, the study notes. Read More

 Size Doesn’t Always Matter: 3 Reasons Why the Home Floor Plan Matters More Than Square Footage

USNews | 7.16.19

And as more and more big players take their processes digital, the risk grows even higher Whenever anyone begins the process of looking for a new home, size is generally one of the top considerations. Along with budget and desired location, room count and square footage are always among the top priorities of many homebuyers. American culture teaches us to believe that bigger is usually better, but not all square feet are created equal when it comes to a home’s layout. Yes, everyone wants a home that is big enough to spread out and accommodate all the stuff we collect –Read More


 

 

 

 

Realtor® Survey Shows Decline in Foreign Investment in U.S. Residential Real Estate

NAR | 7.17.19

WASHINGTON (July 17, 2019) – A decline in global growth and low housing inventory contributed to a drop in foreign investment in U.S. residential real estate over the past year.

This is according to an annual survey of residential purchases from international buyers, released today by the National Association of Realtors®, which found that foreign buyers purchased fewer U.S. existing homes from April 2018 through March 2019. Read More

 

Housing Market Check-In: 6 Expert Predictions For The Second Half Of 2019

Forbes | 7.8.19

The year has so far been a promising one for would-be home buyers. The seemingly unending rise in home prices started to slow and mortgage rates dipped to unexpected lows. Both were good news for Millennials who—despite the never-settle-down stereotype—are yearning to become homeowners. Read More

 

 

Home Builders Pivot To Hit The Market With More Affordable Homes As Millennials Start To Buy

Forbes | 7.17.19

When mortgage rates went up from the 3%’s to nearly 5% in the second half of 2018, builders felt a pinch from lower sales. Now that mortgage rates have come back down again, many home shoppers are feeling like they now have a second chance to buy a home and lock in a rate at generational lows.  Read More

 

Robust U.S. Housing Market Continues To Expand Amid Recession Jitters

Forbes | 7.18.19

new report by CoreLogic, a leading property information and data provider, takes a deep dive into the evolution of the U.S. housing market during the nation’s longest economic expansion and touches on a burning question: Is a recession looming? Read More

 

Should You Stay Or Should You Go? Expert Tips On When To Renovate And When To Sell

Forbes | 7.17.19

 “This question is practically as old as the mortgage,” Douglas Elliman agent Josh Rubin said of the decision between moving and renovating. Despite the ease of having new decor and construction project supplies delivered from Amazon the next day, most New York City homeowners spend more time deciding between the two options than actually getting something done. Read More

Local News

 

Senior construction shows signs of a slowdown

CREJ | 7.14.19 

 In 2018 there were 754,000 residents aged 65 and older in Colorado, who comprised 13.4% of the total population. This is below the national average of 15.3%. The baby boomer generation includes all people born between 1946 and 1964. Boomers are now between 55 and 73 years of age. A decade from now, when all the boomers will be 65 and older, they will comprise over 18% of the total population. This projection does not account for the seniors migrating to the state for a better quality of life or to be closer to their adult children. If these residents are included, this figure would likely be even higher. According to the Colorado State Demography Office, Colorado’s growth in its 65-plus population was third fastest in the United States between 2010 and 2015.                                          Read More

The Evolution of Denver Plazas, Private to Public

CREJ | 7.7.19
In the early 1980s, a development trend made popular in Chicago and New York, known commonly as the “plaza bonus,” made its way to Denver. This tower-in-a-park philosophy was created in larger cities to encourage developers to provide useable public space at the street level by providing incentives allowing buildings to exceed heights and square footage limits, typically governed by zoning. While great in concept, the execution of these plazas lacked an understanding of how people use public space and resulted in lifeless spaces devoid of comfort and activity. Rather than designing plazas as quality public spaces that drew building occupants to the outdoors, they were formal, polished spaces designed for building tenants to pass through on the way to the officeRead More

Project Snapshot: Block 162

BusinessDen | 7.16.19
After months of work below street level, construction of Block 162 is firmly in the “visible” category. About four levels of the concrete podium are in place, with building cores extending above that. The downtown office tower, which broke ground last summer, eventually will rise 30 stories at 675 15th St., between California and Welton streets. Houston-based Patrinely Group and USAA Real Estate are the developers.Read More

Former Adams County Housing Authority sued by California firm over new name

BusinessDen | 7.15.19

They’re in unison, and apparently that’s a problem. A year after changing its name to Unison Housing Partners, the Westminster-based entity formerly known as Adams County Housing Authority is being sued by another company that also uses the kumbaya-esque moniker. Read More

Colorado Springs short-term property owners could see massive tax bill increase

TheGazette | 7.13.19

El Paso County property owners who rent out homes on Airbnb could see their property tax bills quadruple.County Assessor Steve Schleiker is considering assessing short-term rental properties, such as those rented out on websites Airbnb or VRBO, as commercial instead of residential properties.Read More

U.S. 36 to see major changes while efforts continue to repair sinkhole that closed eastbound lanes

DailyCamera | 7.16.19

Finding an alternate way into Denver Monday morning might have been more challenging than usual for Boulder-area commuters after a stretch of U.S. 36 eastbound was closed because of a collapse in the roadway. And those alternate routes could become the norm since the eastbound lanes of the road are slated to remain closed for an unknown length of time. Read More

 

Denver Is Now a Buyers’ Market – At Least for Luxury Condos

5280 | 7.8.19

The latest report from the Denver Metro Association of Realtors confirms what we already know: There is no shortage of luxury condos in the Mile High City. Denver is building its way out of the housing crisis – at least for those who can afford luxury condos..Read More  

 

Denver City Council approves $93 million contract to widen Peña Boulevard by three lanes

Denverite | 7.15.19

After hitting a small speed bump, Denver International Airport’s bid to widen Peña Boulevard by three lanes is on track. The Denver City Council approved the $93 million contract Monday. The project will add new interchanges to a portion of the road near the terminal. It’s the first phase of a four-phase project that will expand the 12-mile road between Interstate 70 and DIA — two extra lanes heading to the airport and one heading back  Read More