Dennis Huspeni
Reporter – Denver Business Journal
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Sales are up, and foreclosure rate and inventory are down, for single-family homes in the metro Denver market, according to three studies recently released.
The information gleaned from CoreLogic’s June foreclosure activity report showed the foreclosure rate dropped .17 percentage points from June 2010. Also, Metrolist Inc.’s sales report for August reported sales jumped 29 percent from August 2010.
Gary Bauer, an independent, Littleton-based real estate broker and Metrolist analyst, compiled the Metrolist Inc. statistics for August. He pointed out that the months of June, July and August each exceeded $1 billion in sales in the metro Denver market, including $1.04 billion for August.
“Frankly, I had expected only one month to be over a billion, not all three, so I’m pleasantly surprised,” Bauer said. “More importantly, you can point to those three months of more than a billion in a row when the focus has not been on homes.”
Those three months typically are the peak of the home sales market anyway, but Bauer said it’s been at least three years since he’s seen a three-month streak of more than a billion in sales.
“It was not uncommon in the early 2000s we’d have month over month over month of a billion or more,” he said. “To put that in perspective, we barely cracked $10 billion for all of 2010.”
Regarding foreclosures, the CoreLogic report showed Denver, Aurora and Broomfield counties’ foreclosure rate at 1.66 percent for June 2011, a decrease of 0.17 percentage points from 1.83 in June 2010.
That’s 1.80 percent below the national foreclosure rate of 3.46 percent for June.
The rate of delinquency rate also dropped. The June CoreLogic report shows 4.40 percent of mortgage loans in the three-county area were 90 days or more delinquent, compared to 5.22 percent for the same period last year — a drop of 0.82 percentage points.
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Email: dhuspeni@bizjournals.com. Phone: 303-803-9232.
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Article source: http://www.bizjournals.com/denver/news/2011/09/08/single-family-home-outlook-improves-in.html
