South commercial district gets a non-business partner, an article from the Colorado Springs Business Journal, reports that Cheyenne Mountain Charter Academy is building a 21-acre campus, including a high school and buildings for grades 5 through 8, multi-purpose areas, athletic fields and a gymnasium.  Included in future plans are an arts education and performing arts center.  City Councilman Jerry Heimlicher said,  “Their location is certainly a vote of confidence in the future — not only in our move to improve public safety, but in a revitalized business community as well.”  According to James Mayerl, a senior land adviser for the city, CMCA’s decision to buy the property was not only logical, but an improvement to the parcel’s original land plan.  He said, “This is a charter school, not a public one.  The activity level won’t be as high since many of its students will come from other districts and other parts of town.  A school in that location, near a ‘worn’ neighborhood and potential redevelopment is probably the best use of that parcel.”
http://www.csbj.com/story.cfm?ID=19895

Mortgage application volume up slightly, an article from CNNMoney.com, reports that according to the Mortgage Bankers Association's weekly application survey, mortgage application volume rose 2.9% during the week ending May 9.  The MBA's application index increased to 674.4 during the week, compared with 655.4 the previous week.  During the week, refinance volume increased 6.5%, while purchase volume fell 0.7%.  Refinance volume accounted for 48.7% of total mortgage applications during the week ending May 9.  The average rate for traditional, 30-year fixed-rate mortgages fell to 5.82% from 5.91% the previous week.  Often a popular option for refinancing, the 15-year fixed-rate mortgage rage fell to 5.38% from 5.49%.   The one-year adjustable-rate mortgage average interest rate fell to 6.6% from 6.77%.
http://money.cnn.com/2008/05/14/real_estate/mortgage_volume.ap/index.htm?postversion=2008051407

Additional articles that you may find of interest:

Median home prices fall in Colorado
http://denver.bizjournals.com/denver/stories/2008/05/12/daily19.html?surround=lfn

Mortgage in trouble? How Congress wants to help
http://money.cnn.com/2008/05/13/news/economy/fha_expansion_101/index.htm?postversion=2008051312

Foreclosure filings hit record in April
http://money.cnn.com/2008/05/14/real_estate/foreclosure_rates/index.htm?postversion=2008051405
 
Turn That Extra Room Into a 'Crashpad'
http://www.realtor.org/rmodaily.nsf/pages/News2008051305
 
Realty Viewpoint: Despite Steep Price Slide, One-third Of Metros Up
http://realtytimes.com/rtpages/20080514_realtyviewpoint.htm