Denver Real Estate - Current Economic State
Workforce indicators, improvements in the stock market, consumer confidence, and home sales were among several economic indicators to move in a positive direction this month, according to data compiled by the Metro Denver Economic Development Corporation in its Monthly Economic Summary for June 2009.
Metro Denver’s unemployment rate averaged 7.6 percent through the first four months of the year in what is almost a three percentage-point increase from the average for the same months in 2008. Still, Metro Denver’s year-to-date unemployment rate in April was considerably below the nationwide rate (8.8 percent) and only slightly higher than the statewide rate (7.5 percent).
April foreclosure filings in Metro Denver rose from March as all but two of the seven counties reported increased foreclosure activity. Despite the increase, foreclosures have declined on a year-to-date basis in each Metro Denver county except Boulder County and the City and County of Broomfield. Foreclosures for the region as a whole have fallen 14.2 percent year-to-date.
Additionally, Denver is the No. one U.S. city most clearly ready for a housing rebound, according to a real estate correspondent for the NBC “Today” show. According to the correspondent, “rebound-ready” cities have high rates of job and population growth, high rates of educational attainment, and a good balance between housing supply and demand. She also noted that Denver has an improving foreclosure rate, an expansive park system, and a thriving downtown.
Data from the National Association of Realtors® show the first quarter U.S. median home price of $169,000 was down 13.8 percent from the first quarter of 2008. The Denver-Aurora median of $192,900 declined by a similar 13.7 percent over-the-year.
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