A report produced by Standard & Poor and Yale University economist Robert Schiller states the Denver Real Estate market is showing early signs of recovery. This is based on results from the study that illustrates how the Denver Real Estate market has seen a 1.3 percent appreciation in home values between May and June 2007 and 0.8 percent between June and July.
According to the study, the Denver Real Estate home appreciations peaked in February of 2001 after a 15% year-over-year appreciation for the past decade. Whereas, several other markets around the country continued to see significant increases in home value appreciations. Since Denver’s rate of home value appreciation stabilized before several other markets around the country, S&P Vice President Maureen Maitland stated “Now, Denver seems to be going in an upward direction.”
Economist Michael Kone, principal of Boulder-based Housingmetrics, said there is still “intense pain” for the lower end of the housing market in the Denver area, with a “huge bump” in foreclosures to come, as sub-prime mortgages adjust upward. Colorado is on pace to see more than 37,000 foreclosures filed this year, a 30 percent increase over the record set last year. Colorado and the Denver area are among the top 10 worst areas in the county for foreclosure rates. Expensive houses, Kone said, are doing much better in the metro area. Also, as always, there are pockets of strength.
Based on analysis that was performed by Bright Rain Solutions between July 2005 through June 2006 and July 2006 through June 2007, there are 30 Denver neighborhoods that have seen between a 10% and 36.6% increase in home prices. However, on the flip side, there are another 30 neighborhoods that have seen between an 11.2% and 57.2% decrease in home values during the same time-frame.
If you are interested in additional information regarding the topics covered in this article or need additional information regarding real estate in the Denver Metro Area, please contact us at email@example.com.
Damon and Josh are co-founders of Colorado House Finders, a full-service resource for real estate in Colorado. Their dedication to customer service and knowledge of the Colorado real estate market make them the smart choice when thinking about a move to Colorado.