Denver Colorado home prices rise for sixth straight month
Colorado no longer foreclosure poster boy:
Three years ago, Denver and Colorado were the poster boys for foreclosures. Realtors, analysts and politicians dreaded RealtyTrac’s rankings of foreclosure rates, because Greeley, Denver and other places were sure to be at the top of the list. I remember you and I used to talk back in those days, and it was always more bad news, said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp. and principal of Development Research Partners In Littleton.
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Denver home prices rise for sixth straight month:
Denver-area home prices rose for the sixth consecutive month in August but were still lower than the same period a year ago. Area housing prices were up 1 percent compared with July but down 1.9 percent compared with August last year, according to the Standard & Poor’s/Case-Shiller home-price index.
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Denver homes appreciate 30% from 2000:
Single-family homes in the Denver area, overall, appreciated 30.07 percent from January 2000 to the end of August 2009, according to the S&P/Case-Shiller Home Price Indices released today. That trails the overall composite percentage gain of 46 percent for the 20 markets tracked in the closely watched index. Denver-area homes slightly appreciated more than the inflation rate from 2000 to 2009 of about 25.4 percent. During the same period, the S&P 500 stock index fell about 13 percent, while gold rose about 250 percent. Of course, beyond being investments, homes also provide a place to live. Also, Uncle Sam provides a tax benefit to owning homes and they tend to be highly leveraged compared to other investments, so it is not easy to make an apples to apples comparison with other investment vehicles.
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Foreclosure filings drop in Denver area:
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.
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Foreclosure plague: It’s spreading:
The foreclosure plague rocked McAllen, Texas, during the third quarter. In fact, it showed the fastest growth rate of any city in the country compared to the second quarter. Located in one of the poorest sections of the country — in the Rio Grande Valley, five hours south of San Antonio — it is a classic border town. It relies heavily on trade with Mexico, with 35% of its retail market coming from Mexican nationals coming to shop and dine, and unemployment is high. The area’s rate now stands at 11.4%, compared with Texas’ overall 8.2%.
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Surprise drop in new home sales:
NEW YORK (CNNMoney.com) — Sales of newly built homes fell unexpectedly in September after rising for five straight months, according to government figures released Wednesday. The Commerce Department said new home sales fell 3.6% to a seasonally-adjusted annual rate of 402,000 last month, from a downwardly revised rate of 417,000 in August. It was the first time new home sales declined since March.
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