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Denver…Smallest Drop in Home Prices

Interesting snippets from John Rebchook’s article on 2/25…

"…home prices in the Denver area dropped 4 percent during the 12-month period that ended in December. But that was the smallest decline of the 20 metro areas tracked in the closely watched S&P/Case-Shiller Home Prices Indices…Overall, the 20 cities fell by an average of 18.5 percent."

"…the Denver-area housing market should hit the bottom no later than the end of third quarter this year – and maybe as early as the end of the second quarter, said Rick Pederson, principal of Denver-based Foundation Properties, which manages more than $120 million in real estate investments."

"…Karl Case, an economics professor at Wellesley College…noted that from 2000 until the peak in August 2006, home prices in the Denver area rose by 40 percent, and have since given back less than 10 percent of the gains. By contracts, other cities such as Miami and Los Angeles rose almost 200 percent to their peaks, but have since declined in value by almost 40 percent."