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Denver Real Estate Blogspot
Blog by Judith Clausen
Denver, Colorado
Buying a home using a Denver buyer's agent, Denver real estate market conditions, relocation news, mortgage advice, general real estate commentary CategoriesSubscribeRecent Comments
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Posted at Denver Real Estate Blogspot by Judith Clausen
Aug. 24, 2006
Categorized in: Denver Market Info
 You can find expert predictions all over the web, from the National Association of REALTORS® economists Lawrence Yunn and David Lereah (could they have a predilection to be too rosy in their predictions?) who expect a "soft landing", to Robert Shiller, Yale Professor, author of "Irrational Exuberance," who expects a recession by 2008 led by the sinking housing market and people's fears about selling, to Wall Street, edgy about falling prices, to Paul Krugman, Princeton economist, who sees a recession sooner. Everybody has an opinion on what's going on with the real estate market and what it could lead to in the near and far future.
What does it all mean? IMHO Denver's real estate market is in a position to remain stable for several years unless a major recession is on the horizon, a distinct possibility. Denver's "bubble" has been leaking air for several years. Values haven't risen as fast as they were prior to 2001-2002. But they've stabilized to about a 5% annual increase on average.
Colorado has experienced cyclical in-migration from California when the market there is unpredictable. Current in-migration from California has risen over the last few years, and experts see no sign of a slowdown. Jobs are on the uptick in the Denver area, especially in the telecommunications and professional sectors.
The West Coast is experiencing, if not meltdown, then at least a serious slowing of sales and dropping values. People who bought just a couple of years ago are experiencing a shock when they go to sell their houses and learn that double-digit increases have stopped and that their house may not be sold in a day or two as it might have been some months ago.
Nationally things could go south in a bigger hurry than most experts thought. The real estate market drives the economy, and if it spirals down so does the economy. But I don't think we'll see that in Denver. Interest rates are still relatively low, Denver's a beautiful city, jobs are picking up and that means more buyers. We still have a problem with foreclosures glutting the market, which may take some time to absorb. But that's what makes it a buyer's market for the foreseeable future.
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