Tag Archive for: economic recovery

Nothing happens overnight. After years of struggling with the housing crisis and millions of Americans struggling to stay in their homes, it looks as though we are finally seeing some light at the end of the tunnel. I live and work in Denver so this is the market of my expertise. With boots on the ground here, I’ve seen signs of the housing recovery for the past six months and it just keeps getting better. The Denver real estate market keeps trending upward and the following article from Canyon Title gives you some of the nuts and bolts reasons why that is so.

According to Reis Analytics, expansion and growth continue in the Denver Metro Area. While the recession did not bite as deeply into Denver as into other high-growth economies, the losses inemployment were substantial. But with job creation running positive for about the past two years, a substantial portion of the overall loss has been redeemed. According to preliminary data for April 2012, provided by the U.S. Bureau of Labor Statistics (BLS), non-farm employment was up 2.0% (24,100 jobs) from 12 months prior and was up 3.8% (45,300 jobs) over 24 months.

Additionally, “Metro Denver is repeatedly recognized as a bright spot in the national economy, thanks to our diverse array of high-tech businesses, relatively low cost of doing business, active and highly educated population, and ability to attract and retain a young and vibrant workforce,” said Patty Silverstein, the Metro Denver EDC’s (Economic Development Corporation) chief economist. “Forbes recently ranked Denver fifth on its 2012 list of the ‘Best Places for Business and Careers’ and Colorado ranked eighth on the Enterprising States report list of states expected to grow and prosper in the coming years. Across the nation, others are taking note of the slow and steady-but promising-momentum in Metro Denver.”

If you, or someone you know, is interested in learning more about how TODAY’S real estate market relates to you, please shoot me an email, sign up for the newsletter or give me a call. I’d be glad to go over your options and serve your best interests.

Well, look who’s coming back around. With all due respect for the “Respected Media”, it looks as if they finally got the memo. Though real estate, like the weather, is hyper-local the mainstream types reporting on the national outlook finally figured out that the housing market is growing again.
Both The Wall Street Journal and the New York Times said this week that “it would appear that housing is making a comeback”. Of course, REAL Trends has reported eight consecutive months of increased housing sales and three months of increasing housing prices, while NAR reports increased unit sales during the same time frame and that prices are firming.
Until Case Shiller said that prices were turning around, neither of these news organizations would report such a thing; perhaps that’s just as well. It took them 12 months to report that housing was headed downward. In fact, they still report the downturn as occurring in the spring/summer of 2006 when in reality the beginning of the slide was in fall 2005. That is when unit sales began to slump on an annual basis. Yes, I’m being picky…
The media may not always be fair or accurate in their reporting on the housing market. Recent years of staff cutbacks across the nation’s newspapers have left researchers and reporters without the time or (perhaps the inclination) to really research any sources that don’t fit their preconceptions.
Overreliance on Case Shiller tend to mask a real turnaround in most housing markets. Thanks to consumers and investors alike, housing is starting the long road back to health. Those of us “on the ground” have witnessed six months of solid grown in the Denver housing market, with homes selling quickly at or above asking price.
Though I’m not ready to start the parade (my calves are still sore from today’s Independence festivities) or predict a huge breakout of double digit appreciation, the evidence is overwhelming that housing is on the way back. Could it be time to strike up the band?