The resort real estate index reported by Land Title Guarantee Company shows that among five mountain counties it tracks, Routt County is trailed only by Garfield County in terms of 2009 construction valuation.
Pitkin County led the pack with $188.2 million in construction valuation followed by Eagle County with $143.58 million. Summit County produced $110.58 million in new construction with Routt a distant fourth with $45.8 million. Garfield, without a major ski resort, saw $34.65 million.

Based on transactions handled through the Steamboat Springs Multiple Listing Service, 2009 transaction volume through the end of the third quarter in September totaled 325 real estate transactions, far behind the pace of the go-go years of 2005-2007. During that period average volume for the entire calendar year was 1,629 transaction.

However, Dave Moloney of Prudential Steamboat Realty reports that the 49 sales recorded in October represent the highest monthly total since September 2008. Monthly sales volume peaked in May 2007, with 225 transactions, Moloney said.

Moloney added there are currently 108 properties under contract for sale.

The Associated Press reported Nov. 12 that fewer Americans face the loss of homes through foreclosure by lending entities:

The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.

But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said Thursday, and rising job losses continue to threaten the stabilizing trend.

More than 332,000 households, or one in every 385 homes, received a foreclosure-related notice in October, such as a notice of default or trustee’s sale. That’s down 3 percent from September.

Banks repossessed more than 77,000 homes last month, down from nearly 88,000 homes in September.

New state programs, like one launched in Nevada in July, that require mediation before banks can seize a property have helped stem foreclosure activity, said Rick Sharga, senior vice president at RealtyTrac.

Also, anecdotally, lenders are delaying foreclosure as they evaluate which borrowers might qualify for the federal loan modification program, he said.

“That’s the reason there’s been a buildup of homes that are seriously delinquent but not foreclosed,” he said.

Despite Nevada’s legislative efforts to slow foreclosures, the state still clocked in the nation’s highest foreclosure rate for the 34th month in a row, followed by California, Florida, Arizona and Idaho. Rounding out the top 10 were Illinois, Michigan, Georgia, Maryland and Utah.

Among cities, Las Vegas had the highest rate, the report showed. One in 68 homes there received a foreclosure filing in October, more than five times the national average. Seven of the top ten metros were in California, led by Vallejo and Modesto at No. 2 and 3.

After three years of declines, home prices reversed course in June and have been rapidly climbing month-over-month. This will rebuild home equity and reduce the number of borrowers that owe more than their homes are worth.

Still, foreclosures remain near record highs and the mortgage industry is still struggling to manage the onslaught. The government has had to push many lenders to participate in the Obama administration’s loan modification plan.

The Treasury Department said Tuesday that more than 650,000 borrowers, or 20 percent of those eligible, had signed up for temporary trial plans lasting up to five months. But since the beginning of September, only about 1,700 modifications had been made permanent. The Treasury Department expects to release updated data later this month.

The Associated Press reported on the extension this month of home buyer tax credits.

Story by: Stephen Olemacher

Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

“This is probably the last extension,” said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that was included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

“We are still in a world of economic hurt, and Congress must continue to act boldly and creatively,” said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. “With the right mix of tax breaks and investments we will get through this recession and get folks working again.”

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

“For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home,” Bond said. “And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place.”

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Just 14 land sales have been closed in Steamboat Springs and the South Valley in the past 12 months, according to Doug Labor of Buyers Resource Real Estate.

Labor is the official statistician for the Steamboat Springs Board of Realtors. His figures do not include land sales that were not listed by a Realtor participating in the Steamboat Springs MLS, and thus, are likely not complete.

Labor’s research includes November and December of 2008 and the first 10 months of 2009. During that time there were 218 vacant parcels and building lots listed.

Of the 14 land transactions in Steamboat and the South Valley only, half were valued at $1 million or more. The other half were for $600,000 or less. There were no sales between $600,000 and $1 million, where there were 80 properties listed.

Aspen Times correspondent John Colson reported Nov. 3 that the Garfield County Commissioners have agreed to contribute $960,000 to an effort to build subsidized teacher housing for the Roaring Fork School District.

Colson wrote that the housing would be built on school district land adjacent to former school buildings in Carbondale.
Excerpts from Colson’s report follow:

“We have been desperate for housing at the school district for a long time,” said Roaring Fork School District Superintendent Judy Haptonstall, speaking at Monday’s county commissioners meeting. Haptonstall said the district’s high teacher turnover rate is tied to the fact that teachers cannot afford to buy homes in Basalt, Carbondale and Glenwood, and are unwilling to live long term in apartments and condominiums.

The district has been working on building housing in Carbondale for several years, as part of a complicated land swap that left the town with the old Carbondale Elementary School itself, but the school district holding onto the land between and around CES and the historic Carbondale Union School building at the corner of Third and Sopris.

It is on that land, which includes an existing athletic field, the school’s bus maintenance facility for Carbondale and a parking lot, that the district hopes to build 120 units, of which 96 are to be subsidized so that teachers and other workers can buy them.

The county agreed to the district’s proposal to kick in $10,000 per affordable unit, for a total of $960,000 spread over three phases that are expected to be built in 2010, 2011 and 2012.

County staff reported the county has a $1.5 million housing fund that originally was to be used on housing projects in Glenwood Springs and then in Rifle, but those projects fell through.

Speaking before the Chamber annual luncheon last week, Steamboat Ski Area president and outgoing Chamber president Chris Diamond announced that Steamboat received the “Best Service Award” in competition with all of the Intrawest resorts.
The award was made on the basis of guest polling that asked the question: “Would you recommend this resort to a friend?”
In a challenging economy, Diamond said, the perception of guest service was something he, his department heads and employees could control.
Looking ahead at the coming season, Diamond said: “Not that we’re over a difficult time, but clearly there are many green shoots and positive signs out there.”