Is metro Denver’s housing market failing? New report says it’s very close.
Metro Denver’s housing market is approaching a tipping point when it comes to affordability, according to a quarterly update from HSH.com, a mortgage research firm.
The median price of a home in metro Denver reached $414,000 in the fourth quarter, about $166,000 higher than the median-priced home nationally.
To qualify for a 30-year mortgage on a home at metro Denver’s median price, assuming a 20 percent down payment and an interest rate of 4.04 percent, a borrower needed income of $79,181, HSH.com calculates.
Nationally, the median income needed to buy the median priced home came in just under $55,000.
The most recent U.S. Census Bureau estimate the median family income in metro Denver is running just above $80,000, said Keith Gumbinger, a vice president with HSH.com.
That has kept Denver from joining “failed” markets like San Francisco, New York and Los Angeles, where the median home price has detached from the median family income.
The median represents the midway point, where..
HomeStreet Bank investor launches a proxy battle to nominate two directors, change bylaws
The proposed bylaws changes would introduce one-year board terms and separate the CEO and chairman roles at the Seattle-based bank.
Merrill Lynch financial adviser fired after a suspected theft
The company said it is cooperating with authorities who are investigating the matter.
Healthiest Employers: This bank’s employees walked nearly 17 million miles
Albuquerque Business First is hosting its sixth Healthiest Employers Awards to honor 18 companies in New Mexico that have succeeded in creating healthy workplaces for their employees.
CCIG buys building in Arapahoe County, ready for growth
CCIG insurance company has bought a building in Arapahoe County that adds nearly 10,000 square feet to its office size and gives the company room to grow.
The company acquired a three-story building at 155 Inverness Drive W. in the Inverness office park, near Interstate 25 and East Dry Creek Road, with an Englewood mailing address. The building was built in 1995 and the insurance company will occupy about 30,000 square feet of office space, about 8,000 square feet more than its current 22,000 leased…
Why Mechanics Bank CEO likes his new bank buy
Mechanics Bank will expand beyond California for the first time with its latest bank purchase.
Battered by hurricanes, Liberty Mutual’s 2017 profit plummets from $1B to nearly zero
Liberty Mutual Group barely posted a profit in 2017, after bringing in just over $1 billion the year prior, thanks in part to a series of devastating hurricanes last summer and fall.
The Boston-based insurance giant reported net income of $17 million on the year, $989 million less than it made in 2016. Liberty Mutual, which is not publicly traded but instead owned by its policyholders, is the second-largest Massachusetts-based company based on revenue, behind only General Electric Co.
In a statement,…
Dimon: JPMorgan wants same tax breaks Amazon gets for HQ2
It's no secret that Amazon, under the helm of CEO Jeff Bezos, has received more than $1 billion in tax breaks from state and local governments to help build out its massive U.S. fulfillment and delivery network.
JPMorgan Chase & Co., which a leader in Wall Street banking, is green with envy.
At an investor meeting Tuesday, JPMorgan chief Jamie Dimon touted himself a “fighter” for the company and reportedly announced plans to get the same incentives Bezos gets.
For example, if Amazon received…
Total consumer debt increased faster in Hawaii than the nation, DBEDT report
Total consumer debt increased 4.1 percent for Hawaii consumers between the first and fourth quarter of 2017, higher than the 3.5 percent experienced at the national level, according to a report by the state Department of Business, Economic Development and Tourism.
The “2017 Quarterly Consumer Debt Report,” which was released on Tuesday, found that during the fourth quarter of 2017, Hawaii had a total of $82.1 billion total consumer debt, accounting for 0.6 percent of the total U.S. consumer…
Sempra CEO: ‘Very happy’ to be closing in on Oncor deal
San Diego, California-based power company Sempra Energy (NYSE: SRE) anticipates closing a $9.45 billion deal to buy Dallas-based electricity provider Oncor soon after receiving a key state regulator's approval, which is expected to come down next week.
“We see great growth potential in the Texas market,” Sempra CEO Debra Reed told analysts Feb. 27. “We are very happy that we are getting close to closing this transaction.”
A bankruptcy judge gave approval Feb. 26 for Energy Future Holdings to sell…