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Old 10-15-2009, 10:31 AM
 
Location: San Ramon, Ca
72 posts, read 161,436 times
Reputation: 55

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The news today's says that Colorado is going to be one of the first states to pull out of the recession. The report paints a good picture for Colorado And all of it's industries. What do you actually living there think?

 
Old 10-15-2009, 11:35 AM
 
Location: Englewood,CO
345 posts, read 869,056 times
Reputation: 108
I've seen a few more jobs on craigslist lately. I don't put a ton of stock into what the news says about the economy though.
 
Old 10-15-2009, 01:17 PM
 
Location: Denver, CO
1,627 posts, read 3,709,124 times
Reputation: 1778
Recession or no, jobs, providing reasonable wages, must be the most important indicator of economic stability in Colorado...or anywhere else for that matter. I keep hearing about the Dow, or what finance experts think...but they are so far removed from "the reality on the ground", I can't even listen to them.

I do hope Colorado recovers quickly, but I'm greatly concerned that such a recovery involves a system that has not been corrected and that it will merely involve recreation of the bubbles that just burst.
 
Old 10-15-2009, 01:29 PM
 
36 posts, read 104,752 times
Reputation: 36
Frankly, the Denver and Boulder areas have not been hit by this recession as hard as other areas. Yes, there have been layoffs (IT jobs in particular), but all in all, we've been faring pretty well.

It may be a combination of things:

1. The housing market did NOT experience the ridiculous rapid growth over the past decade the way Las Vegas or San Diego did. Yes, there was appreciation, but not by 300% plus.

2. The source of jobs is NOT concentrated in one area (as Detroit's is/was). There is manufacturing, tourism, science and technology, etc. It's kind of like the idea of diversifying your portfolio aka don't put all your eggs in one basket.

Not get too involved with my soapbox , I will say, yes, I do think Colorado will be one of the first states to pull out of the recession. We don't have as far to climb up as other states though, so it shouldn't be too big of a surprise.
 
Old 10-15-2009, 11:47 PM
 
Location: Colorado, Denver Metro Area
1,048 posts, read 3,980,230 times
Reputation: 397
The news has been painting a rosy picture each time for the past year, however, the numbers and statistics point other wise. Personally, I do not think we are anywhere near the end of the "economic troubles." The mortgage crises is still no over and 2010 and 2011 will be hit with the 2.0 wave of ARMs kicking in. Good luck finding someone to refinance your loan when your property value is down 25-35%.
 
Old 10-16-2009, 07:51 AM
Status: "Celebrating 30 years as a Broker" (set 17 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,304,638 times
Reputation: 7085
Most of the Metro area has not seen a 25-35% drop in value, recently.

I have seen some foreclosures sell for 50% of what they did 3-4 years ago, but they were shells of houses, not livable in their current condition.
 
Old 10-16-2009, 08:40 AM
 
Location: Colorado, Denver Metro Area
1,048 posts, read 3,980,230 times
Reputation: 397
Quote:
Originally Posted by 2bindenver View Post
Most of the Metro area has not seen a 25-35% drop in value, recently.
Correct; recently as in from last month, no. But the "housing crisis" did drop many house prices over 25% compared to their 2003-2006 prices. Even if it is 15% drop on a $180,000 house that is a $27,000 loss (and then don't forget the agent commissions on top of that; 5% on 153K is $7,650). So 180,000 house - 27K loss in value) - the money people spent on improvements - the $7,650 commissions is a big number. That is the reason why we have so many foreclosures. People don't bother to sell because there is nothing to win. Short sales are out there but are very difficult to make them work and many of them fail (around 50% I hear now days?).

Real Estate predictions (according to the media) is that houses prices ~may~ rise up to 2% in 2010.

The only people who gained from all this are the current buyers in today's market. Everyone that I know who sold a house was in the red.

I think we will be hit with houses crisis 2.0 deal when the 06/07 ARMS are readjusting 2010/11 and no lender wants to re-finance a house where the people own more than what the house is worth.
 
Old 10-16-2009, 09:45 AM
 
Location: Earth
1,452 posts, read 3,657,715 times
Reputation: 873
It's senseless cheerleading to the sheeple who don't understand the bigger picture, but that's only my opinion.

I'm no more secure in my job than I was a year ago (hopefully no less), and the reality of buying another home in this overpriced, inflated market is just as fleeting as it was before the downturn, moreso now since it sounds like banks aren't as eager to lend.

Case in point: I've seen a few houses on my street go under contract, and then right back on the market a few weeks later. Something's wrong with that picture...

Good deal or not, there's no way I'm leaving the security of a very affordable mortgage payment to potentially doubling it or more in the face of economic uncertainty just because I can, for example, get a $500k house for $350k. It's probably a great time to buy for the fortunate few who can cash out and pay in full for their next place and not worry about the financing racket.

I'm no expert, but my simple view is that a 'recovery' without jobs creation and housing prices coming more in line with salaries is an idiotic concept...but then again we have plenty of idiots running our government.

All that said, I'm not buying the myth of a 'recovery' just yet...
 
Old 10-16-2009, 09:55 AM
 
Location: Wherabouts Unknown!
7,764 posts, read 16,834,005 times
Reputation: 9316
Even if I was sitting on a pile of cash, looking to buy a home right now, I wouldn't do it anyway. I'd wait until there was at least 6 months of increasing values to ascertain that prices have indeed bottomed out. But like Shuffler, I wouldn't take on a bigger mortgage just because I could.
 
Old 10-16-2009, 09:55 AM
 
16,438 posts, read 19,079,306 times
Reputation: 9513
Quote:
Originally Posted by Shuffler View Post
It's probably a great time to buy for the fortunate few who can cash out and pay in full for their next place and not worry about the financing racket.
But would they feel fortunate if the housing market drops another 20% in the coming year, or if their prop taxes double because government's broke? ARM resets are here, unemployment is still causing foreclosures to soar, CDW is starting a third tsunami of hits on housing. Are you confident it's safe to go back in the water right now, even if you have the money?
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