The See-Saw Game – House Sales Fall While Foreclosures Rise
April 24th, 2008
Denver – the city and the county of the same name is the capital of Colorado. In its real estate happenings is reflected what is going on all over US. It is the most populous city of Colorado bustling with activity speaking of prosperity and success. But today dark clouds are gathering – clouds of foreclosure.
It is a regular see-saw game – while one side is up the other side is down. Repo Homes and House sales fall while foreclosures rise. In Denver the sale of new units dropped by 31% in 2007 according to figures released by Genesis Group Real Estate Company stationed in Englewood. Foreclosure rose by 41% in the metro area. This was attributed to the large concentration of houses in the urban area. The sale of old and current houses dropped by 2.7%.
Despite the see-saw figures, the firm is optimistic that the foreclosure cloud has a silver lining and the market will stand up again – quickly and strongly. This is especially so in relation to the other regions. This is because of a friendly employment climate – good schools, skilled work force, tax structure and modest income. A big factor is that here there has not been much of speculation in housing. This in turn did not lead to the over valuation of houses from 2001 and even during the boom years. Thus the price of houses has remained within affordable levels. It relates with the average income of the average resident.
Other points to be noted are – drop in sales of new houses from 14,108 in 2006 to 9,698 in 2007. This is the lowest figure in the last 12 years. Inventory of new houses fell from 4,057 in 2006 to 3,784 in 2007. Resale housing activity also saw a fall from 47,180 in 2006 to 45,929 in 2007. The sale of condos and town houses also registered falls by 2.3%. Everywhere there was a slump except in northeast Denver where there was an increase in sales by 5%. The resale housing inventory fell by 4.9% to 19,753 from 20,781. A total of 14,729 permits for building residential houses were issued – a fall by 18%. For-sale housing permits rose by as much as 75% in 2006 went down by 32% from 16,263 to 10,986. Condo permits comprise of 21% of all the housing permits. It fell by 16% in 2007 as compared to 2006 – from 3,650 to 3,068.
Up and down – the see saw swings keeping the country in tenterhooks.
Search Colorado Repo Houses
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- Colorado Springs Repo Houses
- Pueblo Repo Houses
- Greeley Repo Houses
- Arvada Repo Houses
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