COS house prices going up?

[bashep]

Just an FYI, in August housing went up 20% from last year. Better than going down!

[Bideshi]

Originally Posted by bashep

Just an FYI, in August housing went up 20% from last year. Better than going down!

20% is a lot! Where did that figure come from?

[PokerMunkee]

No idea where that 20% came from, but here's a recent article:

REAL ESTATE: Market has a long way to go before full recovery, but things are looking up | region, market, downturn - Life - Colorado Springs Gazette, CO (http://www.gazette.com/articles/region-61886-market-downturn.html - broken link)

A downturn in the Pikes Peak region’s single-family housing market didn’t start last year, but stretches to 2006. The local slump paralleled that of the nation; it was driven, in part, by too many mortgages sold to buyers with poor credit histories and who fell behind in their payments, triggering a ripple effect across several sectors.
HOME CONSTRUCTION: From June through August, single-family home building permits have risen when compared with the same period a year earlier, but the increases followed 3 1/2 years of construction downturns.
RESALES: Home sales increased from June through August of this year but had declined in every month except one going back to May 2006. Prices of homes sold in August dipped slightly from a year earlier, and have fallen each month for two years.
FORECLOSURES: Foreclosure filings — the start of the foreclosure process — jumped in August compared with a year earlier, and have increased each month this year.
OUTLOOK: Fred Crowley, a University of Colorado at Colorado Springs economist, has said the housing slump appeared to have neared the bottom in late 2008 and early 2009. But the market still has a long way to go before a full recovery is underway.
This year’s annual total of single-family building permits should top 1,000, yet will be the lowest since 1991. Even as home sales have increased, they’re still trailing the pace of buying and selling from earlier this decade, while home prices remain significantly below levels in 2006 and 2007.
And foreclosures show no signs of slowing. The El Paso County Public Trustee’s Office expects filings to exceed 5,000 this year, which would be the first time foreclosures have topped that mark and the third consecutive annual record.

[bashep]

I stand "somewhat" corrected, but not by much. If you go to the link below you will see the comparisons of homes SOLD from last year to this year.

History Login

Homes sold in August 2008 were 778, this year in August (2009) 891. So homes sold when it up 14.5% from last year.

Brooke

[Bideshi]

So, what effect will the coming commercial property mortagage crisis have in COS? Is there a lot of vacant shop space?

[bashep]

There is alot of vacancies. To be honest, I am not a commercial real estate agent. So I would have no idea what I am talking about with that. It is a valid point.

[Bob from down south]

Originally Posted by bashep

I stand "somewhat" corrected, but not by much. If you go to the link below you will see the comparisons of homes SOLD from last year to this year.

History Login

Homes sold in August 2008 were 778, this year in August (2009) 891. So homes sold when it up 14.5% from last year.

Brooke

A 14.5% increase in one month does NOT equate to a 20% gain for the year. You're not "somewhat" corrected, you're about 50 miles off the reservation.

[bashep]

I am saying for the month of August from last year. SO if you compare last years numbers of houses sold in August to this year. I am not saying it is from the whole year. If you go to the link you will see that.

[Bob from down south]

Originally Posted by bashep

I am saying for the month of August from last year. SO if you compare last years numbers of houses sold in August to this year. I am not saying it is from the whole year. If you go to the link you will see that.

OK, you did, sorry, I'm reading five articles across two monitors and I got my wires crossed.

[bashep]

It's all good! Have a great day!