Denver home prices buck national trend
By John Rebchook, Rocky Mountain News (Contact)
Published September 30, 2008 at 10:15 a.m.
Updated September 30, 2008 at 10:15 a.m.
Denver-area home values bucked a national trend, according to the closely watched Standard&Poor's/Case-Shiller Home Price Indices released today.
In the 12-month period ending in July, Denver-area home prices dropped by 4.7 percent, compared with an overall 16.3 percent drop for all of the 20 metropolitan areas in the study. Las Vegas showed the worst performance, dropping by 29.9 percent.
And from June to July, Denver-area prices rose by 0.8 percent. Only Minneapolis fared better in that one-month period, showing a 1.3 percent gain. Overall, the composite 20 areas showed a 0.9 percent drop from June to July.
"There are signs of a slow down in the rate of decline across the metro areas, but no evidence of a bottom," David M. Blitzer, chairman of the Index Committee at S&P. "Little positive new can be found when cities like Las Vegas and Phoenix report annual declines as large as 29.9 percent and 29.3 percent, respectively, and all 20 cities are still in negative territory on a year-over-year basis. While some cities did show some marginal improvement over last month's data, there is still very little evidence of any particular region experiencing an absolute turnaround."
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September 30, 2008
9:02 p.m.
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jlgraybill writes:
What trend was bucked? Denver lost almost 5% in home value year over year. That's supposed to make me feel better just because Vegas and Florida took a swan dive? With no evidence of a bottom, the current tight lending, more foreclosures, my 401K and investments tanking, energy prices increasing, resultant job losses possible, how exactly is Denver "bucking a national trend"?
October 1, 2008
1:33 a.m.
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NobodyElseButMe writes:
jlgraybill: It says 'housing' has bucked the trend. The article is correct and so is the headline. I, do, however, understand your pain.
October 1, 2008
3:14 p.m.
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jlgraybill writes:
By losing 5% we've bucked the trend? I still don't get it.
October 1, 2008
9:49 p.m.
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denvernorthwest writes:
take Saudi Aurora & Thornton out of there and the numbers would be completely different. If you are in NW Denver, Wash Park or Cherry Creek you have seen the value of your home go up consistently over the last couple of years. Mcmansions in the burbs are cheap.