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Unformatted text preview: -to-date declines in foreclosure
activity so far this year. The 2011 ratio of new
home closings to real estate owned (REO) closings in the Denver-Aurora MSA ranks 69th in the
nation, at 0.3%, compared to 3.1% five years prior,
according to Hanley Wood Market Intelligence.
A net increase of 1.4 million U.S. households, or
4%, moved into rental housing in the year ending
June 2011, according to the Census Bureau. Meanwhile, U.S. homeownership slipped 1.5%. Notably,
younger households are driving much of the rental
demand as they postpone home ownership either
due to job uncertainty or other economic strains.
Ownership rates for heads of households under 25
years of age dropped 4.4% in the last year compared to 7% decline for household heads between
25 and 29 years of age.
The overall composite Colorado vacancy rate fell
to 5.2% at midyear 2011, from 5.8% at year-end
2010. For comparison, the overall vacancy rate
in 2008 was 8%, according to the latest Colorado
Multi-Family Housing Vacancy and Rental Survey.
Second quarter vacancy rates varied for the...
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