Colorado Springs real estate update

October 21, 2009 by
Filed under: Colorado, Home Searches 

colorado-springs-page-memorial-park-balloon-classic-fullThings are looking up for people interested in purchasing Colorado Springs real estate, but the bustling city is not out of the dark yet.  The traditional summer season, sometimes known as the “homebuying season” is predicted to extend into the fall, says Prashant Gopal in a September 11, 2009, article in BusinessWeek.  In August, 27% of listing prices were cut in a similar fashion to several other cities like Kansas City, Atlanta, Indianapolis, Memphis, and Milwaukee.  From his point of view, Gopal sees the sales season extending into the fall as prices are more aligned with consumer demands and as people rush to meet the November 30 deadline for U.S. federal government tax benefits.

According to Rich Laden’s September 11, 2009, article in the local newspaper, The Gazette, the number of Colorado Springs homes for sale faced a slump similar to that of the rest of the nation, caused by “too many mortgages sold to buyers with poor credit histories and who fell behind in their payments.  Fred Crowley, an economist at the University of Colorado believes that the housing slump bottomed out in the earlier portion of the year and will experience a very slow and long re-growth process.  Some improvement has been noticed lately.  From June to August, single-family home building permit applications have risen, home sales increased, foreclosures are steady, and significant improvement in valuation has been noticed.

Following the release of the third annual Pikes Peak Quality of Life Indicators report on September 15, 2009, Christina Salvo’s article as part of the Colorado Springs Independent provided a great status report on real estate in Colorado Springs.  The report stated that “the city of Colorado Springs is an affordable place to live, as a large result of a slowing economy.”  Because of the worldwide recession and its lingering effects that will last for several years in the United States, the article hints that people who are just scraping by in other cities may considering finding a home in Colorado Springs to take advantage of the affordable cost of living in the area.

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