While the national news headlines are reporting doom and gloom regarding the United States economy, it is important to also analyze the local economic picture in addition to the national one. And, it may make you feel better about things if you look at Colorado’s economic picture versus the national one. The good news is that Colorado’s economy has been faring a bit better than many other areas of the country. Here are just a few examples:
-The Denver Post reports that Thomas Hoenig, president of the Federal Reserve Bank of Kansas City which oversees Colorado, told state legislators and bankers this week that Colorado is in a better economic position than many other states, including California and Florida. While weak, the Denver housing market is much stronger than many other areas. The local economy is also supported by a diverse industry case including aerospace, energy, tourism, bioscience, etc.
-While it has increased a bit, Colorado’s unemployment rate of around 4.5%, continues to hover below the national average.
-The Post also reports that the National Association of Realtors has reported a positive outlook for the Denver real estate market and even went so far is to predict that Denver may be among the next markets to possibly “boom.”
-In addition, The Denver Post reports that a new risk-index model shows a less-than-5-percent chance that home prices in Denver will be down by 2010. In contrast, there is an 89 percent chance that Las Vegas home prices will be down by 2010.
All of these reports are great news for the Denver real estate market. If Denver’s economy remains strong, then a rebound is on the horizon. Don’t miss your opportunity to buy into the current Denver buyer’s market. For more information on the Denver’s economic picture or regarding the state of the Denver housing market, please contact TeamCox Realtors.
Related Links
Denver Real Estate Update (January 2008)
Take Advantage of the Denver Buyer's Market - Search for Denver Real Estate!