Colorado unemployment in September was 4.7 percent

Unemployment dropped to 4.7% in September and Colorado added 14,600 nonfarm payroll jobs. The last time Colorado’s unemployment rate fell this low was in June 2008. Private-sector jobs increased 14,700, and government jobs decreased 100 during the month. The report also showed Colorado gained 1,800 jobs in August, revising the figure up from a 700 job loss.
Read article – Loveland Reporter Herald

Fannie, Freddie to Loosen Up on Lending

The regulator of mortgage giants Fannie Mae and Freddie Mac is reportedly working on a deal with the financing entities that will loosen up lending standards and make mortgages more affordable for those with less-than-perfect credit. The move is expected to expand home buyers’ access to financing. The new rules reportedly will include a lower minimum down payment requirement (from 5% to 3%), in order for lenders to qualify to sell a loan to Fannie Mae and Freddie Mac.
Read article - Realtor Magazine

Developer eyes restart for Old Town North

The developer who bought vacant lots at Old Town North in Fort Collins through a bankruptcy court last year has submitted conceptual plans to the city of Fort Collins planning department for several multistory buildings with retail on the main floor topped with two stories of condominiums. The lots are located along Jerome Street north of the Poudre River and east of U.S. Highway 287.
Read article – BizWest

3 Industry Trends to Watch This Fall

Bankrate.com recently highlighted some of the following trends:
1. An overall pick up in housing activity. Inventories are expected to increase, which could unleash some pent-up demand among buyers.
2. Buyers are more cautious. The past housing crisis has prompted buyers – particularly the younger generation — to be more cautious, as they’ve learned that home prices don’t always appreciate.
3. Mortgage rates will climb – really. The Mortgage Bankers Association expects the 30-year fixed-rate mortgage to start its climb to 4.5% by the fourth quarter, and continue to gradually climb and reach 5% by mid-2015.
Read article – Realtor Magazine

Inventory shortage raising real estate prices

The real estate industry in the Boulder Valley is experiencing an inventory shortage, driving lease rates up in the commercial sector and creating bidding wars for homes. “Longmont is as strong as we’ve ever seen it,” said W. Cotton Burden, president and CEO of Burden Inc. Burden’s recently completed 115-unit luxury apartment and mixed-use project on Main Street in Longmont, Roosevelt Park Apartments, has exceeded expectations. He said the retail space is 100 percent leased, and the apartments are “nearly full.”
Read article – Boulder County Business Report

Standard Pacific starts on residential project in Erie

Standard Pacific Homes has begun work on clearing land for Compass, a 487-unit residential development at the northwest corner of Arapahoe Road and County Line Road in Erie. The community will consist of about 350 single-family homes and 130 attached units that could be duplexes or condos. The project is one of several residential projects under way in Erie, including Colliers Hill (formerly called Daybreak), 2,800 units; Erie Highlands, 922 residential units; and Flatirons Meadows, 875 single-family homes.
Read article – Northern Colorado Business Report

Pent Up Demand Overshadowed by Fear and Mortgage Misperceptions

Fear they will not qualify for a mortgage has stopped nearly half (46%) of today’s potential home buyers from pursuing the financing they need to buy a home, according to a new national consumer survey from loanDepot, the nation’s third largest private, independent retail home loan lender. ¬†While strong pent up demand to buy a home exists among a broad national cross section of the population, very few prospective buyers have actually taken any steps to see if they’ll qualify for a home loan.
Read article – Sys-Con Media