Prices of single family dwellings, including newly built ones and those under bank and government foreclosure homes list, declined in Denver, Colorado for the 2010 third quarter when compared with the 2009 third quarter. According to Integrated Asset Services LLC (IAS), the decline is around 3.1%.
The decline affected all the nine counties in Denver and is mostly evident among single family residences covering both the newly constructed and the home foreclosures in Denver segments. Despite the year-over-year decline, prices for this residential type for the 2010 third quarter did record a rise of 0.1% when compared with the second quarter of the current year and an increase of 1.8% when compared with the first quarter of 2010.
According to housing price data for the past two years, prices of Colorado home foreclosures and newly built residential properties have been declining when compared with the late 2006 peak period, with Denver recording some of the biggest declines. In the past 24-month period, home prices in Denver have been dropping by around 3.1%, according to IAS.
On a narrower focus, prices of single family dwellings in Denver County, both newly built and those under bank and government foreclosure homes list, have declined by around 7.3% for the July-September 2010 period compared with the same three months of 2009. Compared with the 2010 second quarter, prices in the county declined by 0.8%.
Price movements among single family residential properties under foreclosure properties list and newly built single family structures vary from one Denver metro county to another. Broomfield County recorded a rise of 7.3% for the 2010 third quarter compared with the same 2009 period, while Park County posted a decline of 13.8% covering the same period.
Most counties in the Denver area did better than national levels as prices of single family houses all over the U.S. dropped by 8.1% in the 2010 third quarter compared with the same quarter of last year. When compared with the 2010 second quarter, the national decline is at 0.2%. Housing market analysts stated that the statistics mean that the industry is still suffering from huge supplies of properties under bank and government foreclosure homes list, but has probably put the worse behind it.
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