AGENT MLS HOME FINDER

Denver real estate, which was for a time a bastion of financial stability and security in the midst of the national economic downturn, has more recently become just as susceptible to the usual ills of the housing market as the rest of the country. Denver was often cited along with the city’s metropolitan area and the rest of Colorado as a good example of a market resistant to the popping of the real estate bubble. Although there are still a number of bright spots in the real estate market of Colorado at large, Denver is experiencing a period of decreased economic livelihood and real estate turmoil. Many of the indicators of the local residential and commercial real estate markets are plummeting, heading for the same fate as the rest of the country.

An August 14, 2009 article in the Denver Post reported that the foreclosure rates for the state of Colorado and the Greater Denver area continued to rise. The article, written by Margaret Jackson, found that “Foreclosure filings in Colorado reached a record high of 12,135 during the second quarter, largely a result of mounting unemployment and lenders phasing out moratoriums that previously slowed the number of foreclosures, according to a report released Thursday. The number of foreclosure filings rose 15 percent from 10,509 in the first quarter. However, for the first half of the year, new filings totaled 22,644, up just 0.3 percent from the 22,567 filed form January through June last year.”

An August 17th, 2009 blog in the Realty Times found that the statistics were something of a mixed picture, representing some hope for the future. It stated that “The numbers represent a mixed bag, but there are many signs of hope on the horizon.” A July 26, 2009 article in the Denver Post found that “Three percent of Denver homes that sold during the first half of the year were short sales, according to an analysis of Metrolist data by Re/Max Professionals.” According to an August 14, 2009 piece in the Denver Business Journal, “Commercial real estate sales in metro Denver dropped 68 percent to 1.68 billion dollars for the 12 months ending June 30.”