Friday, October 13, 2006
RE: It's Depressing
...in southeastern El Paso County, almost one-third of all homes are in various phases of foreclosure.The foreclosure rate in CO is the nation's highest. If even one-tenth of the homes in an area go into foreclosure or default, property values start dropping. Note the idea that CO isn't going to see the bubble pop. What would you call the nation's highest foreclosure rate, declining values, and an inability to even sell foreclosures?
UCCS economist Fred Crowley said residents of the area have higher commuting costs, and many purchased homes when variable mortgage rates were low. Crowley adds that Colorado is not expected to see a housing bubble burst, as home values have gone up so fast.
It's a mass housing pundit delusion.
IMHO, anything selling for over 8 million or so will probably hold its value. This may not be true in FL or for semi-slum props such as this.
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