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The Colorado Division of Housing announced that Denver Metro home prices fell for the
seventh straight month from and are down 2.3 percent year over year from
January 2010 to January 2011.
 The Case-Shiller report, released by Standard and Poor's, shows a general decline in home prices across
the nation. The only markets showing an increase in home prices were San Diego
and Washington DC. The markets with the biggest drop in prices were Phoenix and
Detroit.
"Keeping with the trends set in
late 2010, January brings us weakening home prices with no real hope in sight
for the near future" says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "With
this month's data, we find the same 11 MSAs posting new recent index lows. The
10-City and 20-City Composites continue to decline month-over-month and have
posted monthly declines for six consecutive months now."
Denver never experienced the "price
bubble" that other metropolitan areas experienced from 2003 to 2009, so the
index never fell as sharply in the metro area. Home prices have stayed the same
since mid-2009, but have continued a slow trend downward since last year.
 "The 20-city composite is down
31.8 percent since it peaked in July 2006, but the Denver index is down only
12.5 percent from its August 2006 peak." Stated the Colorado Division of
Housing.
The year over year chart from Case
Shiller compares Denver's growth and drop compared to national figures.
"Overall, the index has been less
volatile in Denver than has been the case for the 20-city composite." Stated the
CDH, "The Denver index did not achieve the rates of growth experienced by the
national index, but the Denver index did not experience comparable rates of
decline following the onset of the national recession either."
The home buyers tax credits kept
home sales going in late 2009 and early 2010, but the CDH notes, "that for July
through December, the change has fallen below zero, and likely reflects the end
of the homebuyer tax credit's end which has translated into a fall in demand
and a decline in the home price index."
It's not a great start for the new year and
all indications are that we won't see change coming soon.
Read more at Colorado Division of
Housing.
Posted on March 30, 2011 08:10:27 by  Scott.Shields
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