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Old 02-24-2009, 04:21 PM
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http://denver.bizjournals.com/denver...l?ana=e_du_pap

Tuesday, February 24, 2009, 8:52am MST | Modified: Tuesday, February 24, 2009, 8:56am


S&P: Denver had smallest 2008 home-price decline of 20 U.S. cities


Denver Business Journal - by Mark Harden





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Prices of existing homes declined less through 2008 in the Denver area than in any of 20 major U.S. cities, Standard & Poors reported Tuesday.
The monthly S&P/Case-Shiller Home Price Indices said average prices of existing homes in Denver fell 4 percent between December 2007 and December 2008, less than any of the other 19 cities in the report.
The average decline among the 20 cities was 18.5 percent, S&P said.

Among the 20 cities covered in the Home Price Indices report, Dallas had the second smallest year-to-year housing-price decline after Denver, at 4.3 percent, followed by Cleveland at 6.1 percent and Boston at 7 percent.

The cities with the greatest price declines were Phoenix at 34 percent, Las Vegas at 33 percent and San Francisco at 31.2 percent, S&P said.
The survey also indicated that Denver had the second-smallest decline in existing-house prices between November and December 2008, at 1.5 percent, behind only Boston at 1.3 percent. Denver's decline between October and November 2008 was 1.1 percent.

Phoenix had the greatest month-to-month decline from November to December, 5.1 percent, followed by Las Vegas at 4.8 percent and Minneapolis at 4.6 percent, S&P said.

Nationwide, the S&P report painted a gloomy picture of steadily declining home prices.

"The broad downturn in the residential real estate market continues," David Blitzer, chairman of S&P's index committee, said in a statement Tuesday. "There are very few, if any, pockets of turnaround that one can see in the data. Most of the nation appears to remain on a downward path."

The survey tracks changes in the value of the residential real estate market by comparing sale prices of specific sample homes in a city at two different times. Calculations are by Fiserv, Inc. using methodology developed by Karl Case and Robert Shiller.

The survey assigns an index number to each city and does not report actual home prices. The index is a measure of how much home prices have gone up or down in each market since January 2000, which has been assigned a price index of 100 in that market.

The report said Denver had a home-price index of 125.74 in December, meaning home prices have gone up 25.74 percent since January 2000. Home prices in Denver peaked in August 2006.

Six of the 20 cities had a lower price index than Denver, with Detroit at the bottom at 80.93. New York topped the list at 183.50.
The average price index for all 20 cities of 150.66.

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Old 02-24-2009, 05:36 PM
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Old 02-24-2009, 05:58 PM
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Actually, Denver itself is really strong vs other cities. There are certain neighborhoods that still went up in value such as Whitter (ugh spelling pwns me), parts of the Highlands, and a few other areas.

Everyone is so down on real estate, but I'm a realtor and starting work for a developer as a PM, and honestly, we havent any real loss in this market. Everything we build is selling before we finish it - in the highland area.

Be happy to live in or around Denver!

Food for thought.
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Old 02-24-2009, 05:59 PM
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Yay. I'd only lose 30% of my house's original purchase price if I tried to sell right now. Hence the reason I'm putting it on the rental market.
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Old 02-24-2009, 06:21 PM
sgtpeper sgtpeper is offline
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What neighborhood are you in?

Renting isnt a bad idea while we wait for certain areas to come back.
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Old 02-25-2009, 10:01 AM
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Per the founder of RE/MAX, Denver is actually rebounding on average. I know downtown Littleton has lost nothing. Hasn't gained much, but hasn't lost. TGFT!
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Old 02-25-2009, 10:19 AM
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Hmmm sucks for me. I was digging the buyers market.
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Old 02-25-2009, 10:40 AM
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yeah - I think it's all in the neighborhood, but I am just a consumer. I know this, old, established neighborhoods are like the bond market. No huge swings in value, not very sexy, but really dependable.
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Old 02-25-2009, 11:08 AM
sgtpeper sgtpeper is offline
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Actually, a year ago the Highland neighborhood saw double digit increases in property values - that whole area has gone up consecutively for something like 15+ years though.

Whittier is now seeing the same thing begin. Very old neighborhood that needs a lot of rehab. Lots of great houses that look like they belong in Wash Park if they were cleaned up properly. As such one can find a house with great bones for about a 100 that once fixed is worth 300. A couple of guys in my office do this exclusively.

Pretty incredible!
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Old 02-25-2009, 11:36 AM
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And 6 months later I still haven't been able to sell my house in the DTC.
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