The Colorado Springs real estate market is considerably more stable than the rest of the United States, although it certainly continues to have its weak spots more than halfway through August of two thousand nine. There are a number of key indicators that can be used to assess the relative health of the local real estate markets across the country and state of Colorado, including number of foreclosures, home sale value, and volume of home sales. In these respects, Colorado Springs is considerably stronger than the national median while still being more weak and vulnerable than other Colorado communities – for instance Boulder, which was ranked by BusinessWeek as the strongest housing market in the United States.
Foreclosure rates, which influence the number of Colorado Springs homes for sale, are a telling indicator of the relative health of the city’s real estate market. According to an August 13, 2009 article found in the Colorado Springs Gazette, the rates of foreclosure in El Paso County, the county in which Colorado Springs is found, are considerably below some other comparable cities. The piece, written by Rich Laden, found that “A report on Colorado foreclosures sends mixed signals about conditions in the Pikes Peak region. El Paso County fared better than several large metropolitan areas in the first half of the year when it came to the rate at which homeowners in foreclosure were losing their properties, according to a report released Thursday by the Colorado Division of Housing.”
Ultimately, the report revealed that El Paso County experienced a single foreclosure for every one hundred and ninety one households. In a possibly divergent opinion, an article published in the August 7, 2009 edition of KOAA News, found in Colorado Springs, found a local economist that believes that the recession is over. It stated that “After months of bad news on the economy, there’s finally something good to report. A new report suggests the recession is likely over in Colorado Springs.” An August 6, 2009 article published as a blog in the Realty Times found that “Colorado Springs home sales statistics show sales up 6.8% from July of 08, a major increase from the prior year.”