Mike J. Gold
Colorado Home Value Drop Among Lowest in US
According to the S&P/Case Shiller home price index, which tracks home prices in some 20 major metropolitan areas, Colorado home prices fell 4.7% in the 12 Months Prior to April 2008. This is substantially lower than the national average of 15.3% Only Charlotte, NC and Cleveland, OH showed less of a drop in home prices during the same period.
Indeed, Colorado home values have shown great resiliency in the face of the nation-wide mortgage crisis, actually growing 0.8% between March and April 2008 while the average home price in the rest of the nation fell 1.4% during the same period.
In addition to the less-than-average home value drop, the Denver area has seen some pockets where property values have actually appreciated. Boulder and the Washington Park neighborhood of Denver are 2 prominent examples.