First American CoreLogic reports that the number of homes whose value has fallen below that of their mortgage has declined to 23.0%, or 11 million mortgages nationwide. Among the states, Nevada, Arizona, Florida, Michigan, and California posted the highest concentrations.

The National Association of Realtors reports that its index of commercial real estate conditions posted its 3rd consecutive increase in the 2nd quarter.  According to the agency, while the measure of 41 for the period is well below the measure of 100 needed to reflect a balanced market, it is still an increase of 2.8% from the previous quarter.

Construction of the long-planned rail line to Denver International Airport from downtown Denver officially began last Thursday.  To cost approximately $1 billion, it is estimated that the local economy will benefit by the creation of as many as 5,000 jobs during the height of the construction process.

The latest measures of foreclosure in the 12 urban counties in Colorado found measures for both filings and sales declined in July. Performed by the Colorado Division of Housing, it found the measure of filings declined 8.7% from July 2009 to 2,718 and sales for the period declined by 15.4% to 1,581.

Credit reporting agency TransUnion LLC reports that the measure of credit card debt declined 4.4% in the 2nd quarter.  The agency reports that the measure of $4,591 for average debt was the lowest reading recorded since 2002.

The outlook for the home market worsened in July, according to recent data by the U.S. Commerce Department.  The agency reports that the seasonally adjusted sales pace of 276,000 units for new homes in the month set a new record low for the measure and resulted in a decline from June of 12.4%.  The measure was accompanied by a supply rate of over 9 months and a median sale price of $204,00.

The U.S. Commerce Department reports that an increase in aircraft orders raised the measure of durable goods in the month of July by 0.3%.  However, without the sector, the measure declined by 3.8%.

The Colorado Department of Agriculture reports that the $508.9 million generated by agricultural exports from the state in the first half of 2010 is a 27.0% increase from the same period of 2009.  Accounting for the greatest increase in the measure was meat products, which increased 21.0% to $322.3 million, followed by hides and skins, which posted a 91.0% increase to $92.3 million, and dairy, eggs and honey, which increased 29.0% in the period to $16.4 million.

Sales of new homes in the Western region of the United States fell behind the national average in the month of July, reports the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The agencies report that sales in the region, which includes Colorado, decreased 54.6% from July 2009 and 25.4% from June to 44,000. Nationwide, sales decreased by 32.4% and 12.4% for the respective periods to 276,000.

The Boulder City Council is to investigate new guidelines to implement for the downtown Boulder area, which runs between Arapahoe Avenue and Pine Street and Ninth to 18th streets.  To revisit the issue on October 5th, the proposed guidelines are to affect Canyon Boulevard by enhancing access from the boulevard at 14th, 15th, 16th and 17th streets; establishing on-street bike lanes; and encouraging taller buildings.  Additional changes to the area include increasing the height restriction of buildings from 35 feet to 38 feet, requiring open space to be included in buildings more than 40 feet tall, and disallowing the inclusion fo below-grade floor area in total allowed square footage.

July was a dire month for the residential real estate market, reports the National Association of Realtors.  Led by a 35.0% decline in the Midwest, the agency reports that existing home sales set a new monthly record low of 3.83 million, which is a decline of 27.0% from June and well below estimates by analysts polled by Reuters of a 12.0% decline.  The agency also reported the median price declined from June by 0.2% to $182,600.  However, this is an improvement from July 2009 of 0.7%.

A surge in mortgage applications occurred last week as homeowners sought to take advantage of super-low mortgage rates, reports the Mortgage Bankers Association.  The agency reports a 17.1% increase in applications to refinance increased the total measure 13.0% to place the measure at a a 15-month high.

Former U.S. Department of Housing and Urban Development secretary Henry Cisneros expressed optimism about the housing market for Colorado in his most recent visit.  Speaking in Boulder on Tuesday, he stated that the growing strength of the Colorado economy should bring improvement to the housing market statewide and especially along the Front Range and the Denver metro area.

The 6-building Iliff Office Park in Aurora was exchanged between and undisclosed buyer and seller Mile High Banks of Colorado for $1.9 million, or $26/SF.  Located at 2323 South Troy Street, the buyer was aided in the purchase of the 72,000 SF property by Unique Properties LLC.

An industrial building totaling 63,488 SF was exchanged for $3.12 million, or $49/SF.  Allied Fitting LP purchased the property via Gruber Commercial Real Estate Services agent Jim Gruber from seller Environmental Testing, who was represented by Jones Lang LaSalle Americas Inc. agents Carmon Hicks and Mitch Zatz.  Known as the Montbello Industrial Park, the property is located in the Central East Interstate 70/Montbello Industrial Market.

A study conducted by the Colorado Association of Realtors in collaboration with Colorado State University indicates that home price appreciation in the western slope of Colorado surpassed all other regions of the state in the years of 2000 - 2010.  According to the study, the 68.5% increase recorded for the region is well above the next highest measures of 43.2% and 30.6% respectively posted for the Mountain Resort and Northern Colorado areas.  In addition, the Denver metro area posted only a modest gain of 7.1% in the period, with Douglas County boasting the highest measure at 28.3% and Adams County posting a negative measure of 2.7%.  The survey also found that in the years of 2008 to 2009 only the markets of the Denver metro area and the Mountain Rural region posted positive appreciation at respective measures of 2.1% and 2.2%, and that within the Denver metro area the counties of Denver and Adams posted the highest gains in the period at respective measures of 5.2% and 4.6%, while Douglas County led the region for declines with a negative measure of 3.9%.

Unique Properties represented an undisclosed buyer in the purchase of the 28,800 SF industrial building in Wheat Ridge.  Located at 4860 Van Gordon Street, seller Wells Fargo Bank Minnesota N.A. sold the property for $1.03 million, or $36/SF.

The luxury home market in the Denver metro area experienced a decline in sales in July, according to data compiled by Metrolist Inc. and released by Coldwell Banker Residential Brokerage of Denver.  According to the agency, sales in the month declined by 2 from the year-ago measure and 17 from June to 50, but the median sale price stayed unchanged at $1.22 million.

Commercial property values are starting to improve, according to a recent survey by the Investment Property Databank.  Its US Quarterly Property Index posted its first increase in 2 years with a 2.2% increase in the 2nd quarter, reflecting a decrease of 37.5% for net outflows from the previous quarter to $347 million and a 10-basis point increase in average income returns of funds in the period to 1.8%.