Clippings, April-May 2012

Denver Post, May 24: 
Vacancies in Denver-area rental houses at historic lows
Vacancies in for-rent condos, single-family homes and other small properties across metro Denver rose slightly during the first quarter although the market remained tight with a vacancy rate of 1.6 percent.
"The vacancies we do see are due to little more than turnover, so this tells us that most of the metro area rental homes are filling up, and are doing so rather quickly," said Ryan McMaken, spokesman for the Colorado Division of Housing.

Denver Post, April 27:
Colorado foreclosure auction sales down 25% in first quarter
"Foreclosure activity continues to trend down in Colorado, even when compared to early 2011 which itself saw a big drop from the 2010 totals," said Ryan McMaken, spokesman for the Colorado Division of Housing.

"Toward the end of 2011, we saw employment and home prices stabilize while home buying appeared to increase, so these foreclosure numbers likely reflect those factors," said McMaken.

Denver Business Journal, April 26:

Sharp drop in Colorado foreclosures in Q1
“Foreclosure activity continues to trend downward in Colorado, even when compared to early 2011, which itself saw a big drop from 2010 totals,” Ryan McMaken, spokesman for the Colorado Division of Housing, said in the report. “Toward the end of 2011, we saw employment and home prices stabilize, while home buying appeared to increase, so these foreclosure numbers likely reflect those factors.”

Denver Business Journal, May 10:
Home/condo vacancy rate is at 1.6 percent
 “With a vacancy rate below 2 percent, you’re essentially dealing with 100 percent occupancy,” Ryan McMaken, division spokesman, said in a news release. “The vacancies we do see are due to little more than turnover, so this tells us that in most of the metro area, rental homes are filling up and are doing so rather quickly.”

Colorado Springs Gazette, April 26:
Foreclosure activity slows in Pikes Peak region during 1st quarter
“Several mountain counties are still dealing with growth in foreclosure activity, and may not have peaked yet,” Housing Division spokesman Ryan McMaken said in a statement accompanying the report. “The Front Range, however, which drives the overall statewide totals, looks like it peaked back in 2010.”

Denver Post, April 23:

Report: Low-income Coloradans priced out of rentals 

 "Rental housing in general since 2009 has become more scarce for many households as vacancies fall and rents rise," said Ryan McMaken, a spokesman for the Colorado Division of Housing. "But when one is at the lowest income levels, the impact of the growing demand for rentals can be especially severe as once-affordable units are priced out of range." 

Denver Business Journal, April 23:

Colorado low-income families outnumber affordable rentals 2-1 

  "Rental housing in general since 2009 has become more scarce for many households as vacancies fall and rents rise," Division of Housing spokesman Ryan McMaken said. "But when one is at the lowest income levels, the impact of growing demand for rentals can be especially severe as once-affordable units are priced out of range." 

Boulder County business Report, April 23:  

Boulder County toughest rental market 

Those figures typically indicate low-income renters are being hit hard by a lack of inventory and are forced to pay a disproportionately high percentage of their income in rent, and that likely is true in Boulder County, McMaken said. But the local numbers could be influenced by other factors. Some renters could be willing to pay a premium to live in Boulder, he said. "For those people who choose to do whatever it takes to live in Boulder, they're going to pay a lot," McMaken said. 

 Denver Post, April 19:

Colorado home purchase and refinance activity up as rates fall  

"Release totals are up quite a bit since the middle of 2011, and this is not surprising since mortgage rates have continued to drop in recent months and home-purchase activity has begun to pick up," said Ryan McMaken, spokesman for the state Division of Housing. "Numbers are still down significantly from where they were 10 years ago, but the first quarter seems to be one of the most active quarters for home loan transactions since 2008."  

Ft. Collins Coloradoan, March 16:

Larimer County experiences surprising spike in foreclosure activity

"For the most part, over the last 18 months, Larimer County has seen larger decreases in activity than other parts of the the state," said Ryan McMaken, spokesman for the Colorado Division of Housing, which released its February foreclosure filings .. 

KUNC, March 14:

Colorado Foreclosures Up Slightly 

 “This doesn’t mean the larger overall trend is stopping,” says Ryan McMaken, an economist with the state Division of Housing. “And that larger overall trend is down from the highs of 2009 and 2010. That looks like that’s going to continue, but it looks like we might be facing several months – maybe 6 to 9 months – of short-term increase in foreclosures as the lenders deal with inventory that’s been building up over the last 18 months or so.” 

Pueblo Chieftain, March 1:

Another foreclosure wave hits 

"Filings were up a bit in February . . . and this may reflect a renewed effort by lenders to process foreclosures," housing division spokesman Ryan McMaken said. 

Denver Business Journal, March 15:

 Rents rise in all metro Denver counties 

  “The vacancy rate went up slightly year-over-year. That doesn’t mean much, though, because when you’re looking at vacancy rates below 3 percent, the bottom line is that the market is tight,” McMaken said in a statement. “For many people, it’s not easy to buy a house right now, so they’re renting.”

Denver Post, March 15:
Vacancies scarce in rental houses in metro area, rents rise
Ryan McMaken, spokesman for the the Division of Housing, said that although the vacancy rate went up slightly year-over-year, "that doesn't mean much because when you're looking at vacancy rates below three percent, the bottom line is that the market is tight. "For many people, it's not easy to buy a house right now, so they're renting," he said.

Denver Business Journal, March 14:
Foreclosure sales at 5-year low in Colorado urban counties 
  “Foreclosure auction sales have now been down 13 of the last 14 months, comparing year over year, and this continues a trend of diminished foreclosure filings that we’ve been seeing since the fall of 2010,” Ryan McMaken, a spokesman with the Colorado Division of Housing, said in a press release.

“On the other hand, filings were up a bit in February compared to last year, and this may reflect a renewed effort by lenders to process foreclosures in the wake of the recent legal settlement with the states and the feds,” he said. Fort Collinsn Coloradoan, February 24: Fort Collins/Loveland vacancy rates down; rents up The Coloradoan Few cities were prepared for the shift because they were so focused on single-family home construction, McMaken said. But's that no longer the case.

9News on single-family rents

9News was nice enough to let me call in for a 5:10 am interview on single-family rent levels.

KUSA - Our recovering Colorado economy means it's very much a landlord's market on the rental front. That's what a new report from the Colorado Division of Housing is showing.
We spoke with Ryan McMaken of the Colorado Division of Housing. He said vacancies in for-rent condos, single-family homes, and other small properties across metro Denver rose slightly during the first quarter although the market remained very tight with a rate of 1.6 percent.

Interview with Colorado Public Radio

Rents are at historic highs in parts of the Front Range, and it’s prompting renters to look at buying. The problem is, there aren’t a lot of affordable homes on the market these days. Ryan McMaken, an economist for the Colorado Division of Housing, speaks with Ryan Warner.

Listen here.

On Foxnews today

Foxnews is running a story on rent increases today in which I was featured in my capacity as an economist.

Featured Videos Shattered Dreams: Rising rents May 16, 2012
 Increasing costs cause disturbing trend

Also: Featured Videos Rising Rents a Growing Problem May 16, 2012 - 1:46
Many moving in with family or friends

 

Summer 2012 Class at CU-Denver

The class web site for my summer class, which I'll be teaching at CU-Denver, is now up.

Recent Clippings, April 1, 2012

Denver Post, March 27, 2012

"Jefferson Park apartment project in Denver's Highland to include 332 units, retail space"

While there are a number of apartment projects under construction in the nearby Highland neighborhood, nothing suggests that the area is in danger of being overbuilt, said Ryan McMaken, spokesman for the Colorado Division of Housing.

The downtown vacancy rate is 4.4 percent and the vacancy rate for northwest Denver is 5.5 percent.

"I don't see anything in our data that would raise any red flags for this project," McMaken said.

The rental rates also are consistent with those throughout the metro area. Of the 108,000 apartments included in the survey, only 3 percent lease for $1,500 or more, McMaken said.

"It gets higher the closer you get to downtown," he said.

Recent clippings: Christian Science Monitor

My latest at the Christian Science Monitor:

"The Pentagon is a gas guzzler"

The Pentagon spent $17.3 billion on oil in 2011, a 26 percent increase from 2010. This despite the Pentagon's public efforts to "go green."

By Ryan McMaken, Guest blogger / March 12, 2012

"Half of Americans don't pay income tax. So what."

The increase in reliance on government assistance is the problem, not a lack of people who pay income tax.

By Ryan McMaken, Guest blogger / February 25, 2012

"Why we're paying more for corn"

Thanks to government subsidies supporting a specific type of corn farm, land value is increasing, and prices are going up. The same is true of other federally supported crops.

By Ryan McMaken, Guest blogger / February 24, 2012