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Cheap Houses for Sale Continue to Increase in Denver

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By : John Cutts    99 or more times read
The number of cheap houses for sale in Denver, Colorado, increased further last November as prices of homes decline for the fifth consecutive month in the city. The latest Home Prices Index report from S&P/Case-Shiller showed that the area recorded another year-over-year fall in housing prices.

November housing price data showed that non-foreclosed dwellings and foreclosure homes in Denver recorded a 2.5% decline during November 2010 compared with the same 2009 month. Compared with October 2010, the decline was 1.2%. The November decline followed an October year-over-year drop of 1.8% and a 1.6% fall in September. Prices started dropping in July, when they declined by 0.1% from the same 2009 month and was followed by August, when prices dropped by 1.2%.

The prices of non-foreclosed and foreclosure homes in Colorado have been doing well since November 2009 and through the succeeding months until July 2010. Since then, both annual and monthly prices in Denver have declined until November of last year. Monthly prices dropped by 0.6% in October 2010 from September and fell 1% in September from August.

Denver was not the only city that accumulated higher supplies of cheap houses for sale during November, with 16 metro areas out of a total of 20 tracked by the Case-Shiller Index also posting declining annual prices in housing units. In terms of month-over-month price performance, 19 of the 20 metros posted a decline. Case-Shiller also reported that for the 20 metro areas, the average decline in prices for the full year ended November 2010 was 1.6%, while the drop from October averaged 1%.

Prior to July 2010, prices of non-foreclosed and foreclosed homes for sale in the city recorded consistent increases between November 2009 and June 2010. The November 2009 housing price increase was the first time that prices of houses in the city recorded an improvement since November of 2006. Between November 2006 and October 2009, the city experienced a 36-month consecutive price decline.

The supply of cheap houses for sale is expected to continue to rise in the city this year, with lenders expected to continue their foreclosure activities that were stalled during the fourth quarter of last year. Majority of cities in the U.S. are also predicted to suffer further price declines in 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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