Here is an updated graph per a reader's request. Colorado remains in much better condition than others. Volume in Denver has picked up considerably as people have become more active in buying foreclosures (lower average price than a non-distressed sale which does pull down average prices) which I believe explains some of the dip in the graph below. Colorado is the blue line in this first graph and red in the second one. The word I hear from good sources in Denver is stabilization and some improvement as inventory is going down.
Original graph when this post was first done
The Steamboat Voice of Reason Blog had the audacity (many news sources find it more profitable to cover only the bad news) to post credible data from the Federal Reserve Bank of St. Louis showing the chart above that compares relative home price changes in California, Florida and Colorado. Colorado is the red line and it shows pretty clearly the differences between our market and the 5 states where the large majority of the housing crisis is playing out as represented by California and Florida. It is nice to see data that shows this so clearly from such a credible source. I am not saying we don't have issues in Colorado or the other 45 states but it is nice to see how individual states are doing.
I follow this very closely and even I was surprised by the differences between these states and how good Colorado looks after so much one sided news coverage.
If you would like to know more or talk about how this affects your situation just give me a call anytime at 970-819-6930. For more click back to the
Steamboat Springs blog main page.
Original graph when this post was first done
2 comments:
Jon, has this chart changed since you posted it in 9/2008?...
Thanks for the question, see the updated graph and notes in the post above.
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