COMING SOON!!! 

A Lovely Home in Perfect Condition!*Great Family Home, Close to Antelope Ridge Elementary School and Ridge Park*Spacious Eat in Kitchen, with 42” Cabinets, Pantry, and All the Kitchen Appliances are Included! *3 Upper Level Bedrooms, Plus a Large Loft/Study Area *2 Full Baths on the Upper Level as well as a Powder Room on the Main Floor Cozy Fireplace in a Light and Bright Family Room*Newly Refinished Hardwood Flooring Throughout Most of the Main Floor*Formal Living Room*Covered Front Porch, Great Curb Appeal *The Back Door Opens to Nice Trex Type Deck*Fully Landscaped Backyard with Herb Beds, and Landscape Lighting! *6 inch Base Trim - Quality Throughout! *Security System!* Tons of Storage Room in the Crawl Space! *A Great Home in a Great Area! *Cherry Creek School District; Antelope Ridge Elementary, Thunder Ridge Middle, and Eaglecrest High.

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. This new law extends and expands the first-time homebuyer credit allowed by previous legislation. Here are key points the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.

1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.

2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250. The maximum credit for first-time homeowners is $8,000 (up to $4,000 for married filing separately).

6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

7. The IRS will issue a revised Form 5405 to claim this credit on 2009 tax returns. The revised form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.

8. Homebuyers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return. For homes purchased in 2009 there is an option to take the credit on an original or amended 2008 tax return.

9. The new law includes documentation requirements. See revised Form 5405 for details.

10. No credit is available if the purchase price of the home exceeds $800,000.

11. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.

12. A dependent is not eligible to claim the credit.

IRS encourages all eligible homebuyers to take advantage of the First-Time Homebuyer Credit but at the same time cautions taxpayers to avoid schemes that help ineligible people file false claims for the credit.

Visit IRS.gov/recovery for more details on the First-Time Homebuyer Credit. Forms are available on www.irs.gov or by calling the IRS at 1-800-829-3676.

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Light, Bright and Clean*All Appliances Included: Washer, Dryer, Refrigerator, Microwave, Dishwasher, Stove*Decorator Paint*Vaulted Ceilings*Updated Bathrooms*New Light Fixtures*Nice Balcony off of the Second Bedroom*Lovely Front Patio*Cozy Wood Burning Fireplace*Air Conditioning*New Furnace and Hot Water Heater as of 2008*Oversized Attached 2 Car Garage*A Joy to Show - and A Great Price!*Cherry Creek School District; Independence Elementary, Laredo Middle, and Smoky Hill High

Beautifully Cared for Ranch Style Home in Perfect
Condition! * Fantastic Great Room with Views * Well Appointed Kitchen with Double Ovens * Large Master Bedroom and en suite Master Bath with Relaxing Soaking Tub * Vaulted Ceilings - Warm Open Floorplan * Gleaming Hardwood Floors * Formal Dining Room * Large Deck Perfect for Sunsets! * Finished Garage * Surround Sound with in-wall Speakers * Professionally Finished Basement Includes a Large Bedroom, Entertainment Room, Exercise Room, Full Bath, Laundry Room, and Storage * Just a Short Walk to Cherry Creek Reservoir * Priced to Sell! A Delight to Show! * Cherry Creek School District; Sagebrush Elementary, Laredo MIddle, and Smoky Hill High

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Feel free to contact me if you have any questions.  

December is generally a slow selling season for homes nationwide, because of the winter holiday season, and the final month of 2009 was no exception for metro Denver.

Sales of existing homes, or those that have sold at least once before, in the Denver area were down 8.5 percent to 2,959 from December 2008, according to Metrolist Inc. data. That data includes single-family homes as well as condominiums.

Existing-home sales are also called resales.

Metrolist is metro Denver’s Multiple Listing Service (MLS), which provides sales data to area real estate brokers. Brokers released December sales data on Thursday.

But the average sold price for existing homes in December went up 13.6 percent to $255,877 year over year. Selling price was up 7 percent from November 2009.

“I saw no surprises with resales in December because of seasonality, even with the extension of the first-time homebuyer tax credit,” said independent residential real estate broker Gary Bauer of Littleton. “The only homes with any activity were transactions that had to be made because of relocations, new jobs, etc.”

The U.S. Congress extended the federal government’s $8,000 tax credit for first-time homebuyers in November, and added a $6,000 credit for existing homeowners interested in buying a different home.

For all of 2009, metro Denver’s existing-home market, including single-family homes and condos, had a total of 42,070 sales, down 12 percent from 47,837 in 2008.

“As far as 2009 goes, I was very happy the Denver market did as well as it did, compared to other large metroplexes,” Bauer said. “We had 42,070 closed sales and $10.2 billion in closed dollar volume. I expect 2010 to start a little slow, but we still have the first-time time and existing homeowner tax credits.”

Average sold price last year dipped 3 percent to $242,413 from $249,897 in ’08.

Single-family homes selling in the moderate, $200,000-$299,999 price range had the most sales last year, with 28.5 percent of total sales, followed by the $300,000-$499,999 range, with 19.8 percent of sales. Homes sold for $500,000 and more had smallest percentage of sales, at 7.7 percent.

Condos priced in the lowest range — $0-$109,000 — had the most sales, at 35.5 percent of total sales. Condos costing $500,000 and more had the lowest sales, at 1.9 percent.

Other specifics in the metro area’s resale housing market for December include:

• Sales of single-family homes decreased 9.9 percent to 2,328 from the same month of 2008, and were down 15.4 percent from November ’09.

• Average sold price for single-family homes was $281,756, up 17 percent from the same month of ’08 and up 6.12 percent from November.

• Median sold price for such homes was $221,000, up 12.8 percent year over year and up 1.4 percent from November.

Median is the middle price between highest and lowest. It’s considered a truer measure of price by some real estate experts because it’s not skewed by price extremes.

• Condo sales decreased 2.8 percent to 631 year over year, and were down 25.6 percent from November.

• Average condo selling price was $160,399, down 1.5 percent year over year, but up 5.24 percent from November.

• Median condo sold price was $131,000, up 4.8 percent from December 2008, but down 3.6 percent from November.

Looking at Denver-home resales from 2005-09, total Denver-area sales, including single-family homes and condos, were down 21 percent — from 53,106 in ’05. Average sold price for existing homes in that five-year period dropped 13.8 percent — from $281,332 in ’05.

pmoore@bizjournals.com

Feel free to contact me if you have any questions.  

Metro Denver had the third-largest gain in home values among cities nationwide in 2009 through November, with a $10.7 billion increase, according to Zillow Real Estate Market Reports.

Only Boston ($23.3 billion) and Providence, R.I. ($12.4 billion) had greater gains in home value.

U.S. home values as a whole dropped $489 billion in this year’s first 11 months, which was significantly less than the $3.6 trillion drop in home value sustained in 2008, the Zillow report said.

Forty-eight of the 154 markets Zillow tracks showed gains in home values through last month.

The report was produced by Seattle-based Zillow Inc., a provider of housing information related to sales, values, foreclosures and mortgages.

Zillow uses its own proprietary formula to calculate home values.

“Home values stabilized significantly during the second half of 2009, with total dollar value of U.S. homes increasing since June,” Stan Humphries, Zillow’s chief economist, said in a statement. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for [first-time] homebuyers combined with very low mortgage rates.”

Future home values will be affected by mortgage rates that are expected to “creep back up” in the first quarter of 2010, as well as a foreclosure rate that continues to be high. “Both these factors will challenge the recent stabilization of home prices,” Humphries said.

Denver-area home values increased $10.7 billion to a total of $215.7 billion this year through November, according to Zillow. Values dropped $20.2 billion in 2008.

Los Angeles had the biggest decrease in home value through November, with a $60.8 billion drop to $1.7 trillion in total home value.

Other markets seeing major losses in home value included:

• Chicago — Down $49.6 billion to $688.8 billion total.

• New York City — Down $49 billion to $2.7 trillion.

• Miami-Fort Lauderdale — Down $45.9 billion to $403.5 billion.

• Phoenix — Down $45.1 billion to $241.1 billion.

Home value dropped so much in those markets partly because of the high number of homes in those metro areas, the report said.

pmoore@bizjournals.com

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the $8,000 tax credit?
   First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.
   
   However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
   
   Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.
   
2. What is the definition of a first-time home buyer?
   The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
   
   For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
   
3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
   
4. Are there any income limits for claiming the tax credit?
   Yes. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
   
5. The income limits for claiming the tax credit were raised when the tax credit was extended. Are the higher limits retroactive?
   No. The new income limits are only applicable to purchases occurring after November 6, 2009.
   
   The income limits for sales occuring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
   
6. What is “modified adjusted gross income”?
   Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
   
   To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
   
7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
   Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
   
8. Can you give me an example of how the partial tax credit is determined?
   Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
   
   Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
   
   Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
   
9. How is this home buyer tax credit different from the tax credit that Congress enacted in early 2009?
   The tax credit’s income limits were increased, the documentation requirements were tightened, and the program's deadlines were extended.
   
10. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
    You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
    
11. What types of homes will qualify for the tax credit?
    Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
    
    It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
    
12. I read that the tax credit is “refundable.” What does that mean?
    The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
    
    For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
    
13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
    Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
    
    In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
    
14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
    Yes. The tax credit can be combined with an MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
    
15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
    No. You can claim only one.
    
16. I am not a U.S. citizen. Can I claim the tax credit?
    Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
    
17. Is a tax credit the same as a tax deduction?
    No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
    
    A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
    
18. I bought a home in 2008. Do I qualify for this credit?
    No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
    
19. Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
    Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
    
    Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
    
    In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
    
20. HUD is now allowing "monetization" of the tax credit. What does that mean?
    It means that HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
    
    Under HUD’s guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
    
    Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
    
    More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
    
21. If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
    Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
    
    Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
    
22. For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
    Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.

Rates for 30-year fixed home mortgages in Colorado slid to a new recent low of 4.65 percent as of Tuesday, Zillow Mortgage Marketplace reports.

Rates are down a bit from last week's average of 4.66 percent, Zillow said.

As recently as mid-summer, Colorado rates were well over 5 percent.

Nationwide, the average rate was 4.66 percent on 30-year fixed loans.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

Nationally, both mortgage applications and new home construction are on the decline, according to reports Wednesday.

The Mortgage Bankers Association announced that its index of applications fell 2 percent for the week ended Nov. 13 as purchase applications tumbled to a 12-year low.

Now that President Barack Obama has signed an extension of the homebuyer’s tax credit through next April, some analysts think mortgage activity will pick up.

Home builders are more cautious. The Commerce Department announced Wednesday that new home starts plunged nearly 11 percent last month to an annual rate of 529,000. That is the lowest level since April and came despite predictions for a gain in starts.

The Commerce Department said that building permits, a sign of future construction activity, also declined.

Compiled by Mark Harden | Tucker Echols of the Washington Business Journal contributed.

.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

Sincerely,

Foreclosure filings in the Denver metro area fell nearly 1.6 percent in the third quarter from the same period a year ago, according to data from RealtyTrac Inc.

The Denver-Aurora area had the 47th-highest foreclosure-filing rate among 203 large U.S. urban areas in the first quarter of the year, according to figures released late Tuesday by RealtyTrac, an Irvine, Calif.-based marketer of foreclosure properties, in its “Metropolitan Foreclosure Market Report.”

A total of 9,235 properties in the area were in some stage of the foreclosure process in the July-through-September period, or one per every 113 households, RealtyTrac said. That was up 5.48 percent from the previous quarter, but down nearly 1.6 percent from the third quarter of 2008.

Cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more. But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity.

“Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave,” RealtyTrac CEO James Saccacio said in a statement. “While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.”

Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states, the largest increases were posted in cities not previously a focal point for foreclosure activity.

Boulder, for example, experienced a 34 percent increase in foreclosures compared with the previous quarter, and a nearly 46 percent increase compared with the same quarter a year ago, according to RealtyTrac’s data. Boulder had 551 properties with foreclosure filings in the first quarter, or one in 224 households, and ranked 98th out of 203 cities, RealtyTrac said.

Colorado Springs ranked 56th on RealtyTrac’s list, and Fort Collins-Loveland ranked 52nd.

Greeley, at No. 33, was the highest-ranking Colorado city on the Q3 list, with 1,234 properties in foreclosure, or one for every 75 households.

Las Vegas-Paradise, Nev., topped the national list with one out of every 20 properties in foreclosure, followed by Merced, Calif. (1 in 27); Cape Coral-Fort Myers, Fla. (1 in 27); Stockton, Calif. (1 in 28); Modesto, Calif. (1 in 30); and Riverside-San Bernardino-Ontario, Calif. (1 in 30).

RealtyTrac listed 203 metro areas with populations of 200,000 or more.

RealtyTrac’s metro-areas report parallels its much publicized state-by-state foreclosure rankings. The company’s Q3 ranking for Colorado showed the state had the ninth-highest foreclosure rate in the nation.

Colorado officials for years have disputed the state’s high position on RealtyTrac’s lists, particularly after Colorado’s foreclosure rate was described as the worst in the nation for most of 2006.

State officials have argued that the way Colorado’s public trustees report foreclosure data leads private entities like RealtyTrac to overcount foreclosures here. RealtyTrac has said its methodology is fair. But RealtyTrac officials won’t reveal many details of how it counts foreclosures, saying that it’s proprietary information.

State lawmakers last session passed a bill that would standardize the way Colorado reports foreclosure numbers. The state Division of Housing now reports monthly foreclosure data for selected areas within the state, as well as statewide quarterly foreclosure data.

On Oct. 8, state officials reported a 71.9 percent surge in Colorado urban-area foreclosure filings in September — to 3,480 filings, from 2,024 in September 2008. The big increase was partly due to a change in laws that temporarily reduced new filings last year, state officials said.

The report covered the seven counties of the Denver metro area, plus El Paso, Larimer, Mesa, Pueblo and Weld counties.

RealtyTrac’s numbers may differ from the state’s in part because the state numbers reflected only September, not the entire quarter, said Ryan McMaken, a spokesman for the Colorado Division of Housing, on Tuesday.

State-reported data also distinguishes filings from completed foreclosures, while RealtyTrac counts foreclosures at all stages of the process.

(Mark Harden contributed to this story)

Home prices in Denver rose 1.0 percent in August from the previous month, according to the index report, released Tuesday. That follows a 1.5 percent rise in July, a 2.5 percent month-over-month rise in June, a 1.3 percent increase in May and a 1.5 percent rise in April.

Denver home prices were down 1.9 percent in August compared with the same month in 2008.

Denver’s year-over-year decline in August was the second-smallest of any of the 20 U.S. cities tracked by the Case-Shiller Index, bested only by Dallas (a 1.2 percent decline from August 2008). All 20 cities declined to some extent. The steepest declines were in Las Vegas (down 29.9 percent year-over-year), Phoenix (down 25.1 percent) and Detroit (down 22.6 percent).

“Broadly speaking, the rate of annual decline in home price values continues to improve” David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement Tuesday.

“While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement,” Blitzer said. “California, in particular, has seen some real positive prints in recent months. We see this general trend whether you look at the as-reported data or the seasonally adjusted figures.

“Once again, however, we do want to remind people of the upcoming expiration of the Federal First-Time Buyer’s Tax Credit in November and anticipated higher unemployment rates through year-end. Both may have a dampening effect on home prices.”

The index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. Standard & Poor’s and Fiserv Inc. publishes it.

First-time homebuyers helped drive up existing home sales nationwide -- and especially in the western states, including Colorado -- according to the latest figures from the National Association of Realtors.

Sales of existing homes jumped 9.4 percent, to a seasonally adjusted rate of 5.57 million units in September from 5.1 million units in August. Sales activity is at its highest level in more than two years, according to NAR figures.

Cheaper homes, coupled with the first-time homebuyer credit, are behind the increase, NAR chief economist Lawrence Yun said.

“We are hopeful the tax credit will be extended, and possibly expanded, to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery,” he said in a news release.

Still, he noted, there still needs to be a steady stream of qualified buyers to bring inventories down and create price stabilization.

Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale. That represents a 7.8-month supply at the current sales pace, down from a 9.3-month supply in August. Unsold inventory totals are 15 percent below a year ago, according to NAR.

“The current housing supply is the lowest we’ve seen in 2-1/2 years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

In the West, including Colorado, existing-home sales jumped 13 percent to an annual level of 1.3 million in September -- 5.7 percent higher than a year ago.

The median price in the West was $219,000, 15 percent below September 2008.

Nationwide, the median existing single-family home price was $174,900 in September, 8.1 percent lower than a year ago.

Click here for the full NAR report on existing-home sales.