Oh, man, do I have deja-vu to 1988. You're going to see a tremendous amount of foreclosures in this market - as the appreciation rate has been below the inflation rate for years, and those damn no-down, no-doc interest-only loans are coming home to roost... Hell, even the realtors in Denver are recognizing the truth (oh, wait, except for Osman of course)
Denver Post: Metro unsold homes hit record in April
Sellers, beware: The inventory of unsold homes in the metro area reached a record high in April and will likely keep rising into the summer.
The number of metro homes on the market hit 29,045 last month, surpassing the previous high mark of 28,043 reached in June 2004. Home inventories were up 6.4 percent from the 27,309 homes available in March.
The number of homes put under contract was 5,813, and the number closed was 4,300 in April. Both of those measures fell from March of this year and April of last year.
"The logjam of homes is increasing each month," said Steve McGuire with Re/Max Professional in Highlands Ranch. "It is similar to back in the 1980s when we had a high number of foreclosures. The market was impacted greatly."
May 07, 2006
Denver Colorado real estate market imploding (again)
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4 comments:
boulder has nothing to do with denver. comparing denver to boulder is like comparing saudi arabia to cleveland.
real estate can only go up. realtors are worth their commissions in gold. we work for you, the client, and don't care at all about our commissions.
supply and demand are not related in this real estate cycle. also, it doesn't matter that rental income only covers 50% of ownership expenses.
it's different this time.
I asked this once before, does anyone know of any good resources on the internet to research foreclosures other than RealtyTrac?
Are there any good blogs?
fyi - osman the pumper isn't me.
Please, show me where I've stated...
"boulder has nothing to do with denver"
"real estate can only go up."
"supply and demand are not related in this real estate cycle..."
or
"it's different this time."
People should buy in smaller towns right now for investment. Pagosa Springs in Southwestern Co, for example has seen 33% increase since last spring in the core areas. Check out www.liverettmtnrealty.com
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