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Monday, May 23, 2011

Real Estate News May 2

Colorado's urban areas fare better than some on keeping up with house payments
In Miami and Las Vegas, nearly one out of four borrowers were behind on their house payments by three months or more at the end of 2010, according to a new report from
Borrowers in Colorado's urban areas are doing a much better job of keeping up, although a significant share remain behind the eight ball.

Military, foreclosures shaping apartment rental market
Realtors and industry experts speculate that the surge of renters are both people who have lost homes to foreclosures or can’t afford the down payment needed to buy a home and military troops returning to the area from war and other downsizing bases around the country.

“Colorado Springs is a unique market,” said Ryan McMaken, economist with the Colorado Division of Housing. “It has behaved differently than anywhere else in the state.”

MERS Update:MERS must use judicial process to foreclose in Michigan
The Michigan Court of Appeals recently ruled Mortgage Electronic Registration Systems cannot initiate a foreclosure in the state by simply advertising the property is available via a sheriff's sale.

Ritz-Carlton Bachelor Gulch in foreclosure
The Miami-based owners of the Ritz-Carlton Bachelor Gulch, one of Eagle County's ritziest resorts, are in a $61 million foreclosure, according to Eagle County public records.

Foster youth's stolen IDs getting more attention
DENVER (AP) — Dominic McGee was born to a mother addicted to drugs and taken away from her to live in a series of five foster homes where authorities assumed he'd be safe. Instead, he says he was subjected to physical and sexual abuse and even threatened with castration as a form of discipline.
He's finally on his own at 21 but recently learned that he's got an atrocious credit history. While he was still in foster care in 2005, someone used his identity to try to open a mortgage. He also ended up saddled with medical and utility bills he says he's not responsible for.

End of the second-home era for Aspen?
ASPEN — The era when large second homes are the economic driver for Pitkin County's economy is likely a thing of the past, the former senior demographer for Colorado told local officials Wednesday.

Jim Westkott, who still consults with the demographer's office, said the Great Recession has altered his outlook for the state's mountain resort areas, like Aspen.

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