The prices of residential properties in Denver, Colorado, including newly built dwellings and foreclosed bank and government homes, continue to outperform the rest of the U.S. in the past few years based on housing market data. For the current year, quarterly and year-to-date prices in the city are at par with national averages.
However, if data from the start of the housing market crisis is considered, prices of Denver foreclosed homes for sale, CO and newly built dwellings in the area can be seen to be at much better level than national averages. According to housing market analysts, the city has not experienced the extreme ups and downs that other market housing prices have experienced since the start of the foreclosure crisis.
They stated that despite the presence of thousands of Colorado foreclosure home listings, city housing values have held steady since the start of 2002. Declines in prices have also been manageable compared with other metro area prices. Since 2002, prices of houses in Denver have declined by almost 30%, but have recovered faster than other metro housing markets.
As of November 2010, the prices of non-foreclosure and foreclosed bank and government homes in the city are 18.5% lower than the price recorded during the August 2005 peak. This is almost half of the 37% decline recorded for national housing prices during the same period. When compared with the previous quarter, prices were lower by 5.2% and down by 2.8% compared with the same 2009 period.
National housing prices for the quarter ended November 2010, on the other hand, declined by 5.8% compared with the last quarter and were 2.7% lower than the same period of 2009. According to local realtors, Denver has been outperforming the country mainly because the city has enough available jobs and relatively affordable residential properties, particularly foreclosed home for sale and distressed residences. The location has also attracted a number of buyers and investors, realtors have added.
For the month of November alone, average prices of existing residential properties in Denver, such as foreclosed bank and government homes showed an 8.3% jump compared with November 2009. However, year-to-date average prices are reportedly lower by 8.5% for the current year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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