Colorado Housing Analysts Optimistic in Contrast to National Reports
A couple of national housing reports from Trulia and RealtyTrac Wednesday gave some insight into the Denver housing market, though local experts say say the picture painted by the reports is incomplete. The Trulia report focused on reductions in asking price while the RealtyTrac report contained data about foreclosures.
The Trulia report showed that 21 percent of homes listed for sale in the Denver metro area as of August 1st had their asking prices reduced by an average of 8 percent. Across the nation, a quarter of homes listed for sale had been reduce by an average of 10 percent. Data from MetroList, however, showed that the values of single-family homes had increased over the last year. MetroList bases their report on actual sales prices. The discrepancy, according to MetroList officials, is caused mainly by properties being overpriced when first listed. Also, the numbers from Trulia include luxury homes, or properties valued over $2 million, mixed in with numbers of more affordable housing. This can confuse the numbers because luxury homes are almost always overpriced when first listed. Single-family homes valued under $500,000 are actually rising in value.
The RealtyTrac foreclosure report, meanwhile, showed a total of just under 5,000 foreclosure filings statewide in July, a 9.2 percent drop from July 2009. According to the report, Colorado had the nation's 13th highest rate of foreclosure filings. Nationwide, there were just over 325,000 foreclosures filed in July, down 9.6 percent from last July. One out of every 397 homes across the nation received a foreclosure notice.
According to a separate report from the Colorado Dept. of Local Affairs' Division of Housing, there were a total of 10,232
foreclosures filed for the second quarter, a drop of 15.6 percent from the second quarter in 2008. The state of Colorado has not yet
released its July foreclosure survey because some counties have not submitted their reports. However, analysts expect the numbers of both
completed foreclosures and initial filings to reflect a drop from June as well as from last July. -J.Montgomery
More News
Search Colorado Springs Homes
Search Colorado Springs Townhomes & Condos
|
|
