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Friday, October 13, 2006

RE: It's Depressing

Unfortunately, this discussion of one locality in Colorado sums up way too many areas and way too much punditry on the topic. Consider it a preview:
...in southeastern El Paso County, almost one-third of all homes are in various phases of foreclosure.

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.
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?

It's a mass housing pundit delusion.

Hi Mama; Hope you're right! I've always wanted to pick up a nice place in CO. Crested Butte, Telluride, something nice like that. Aspen mountain is a little too easy. If you find me a nice foreclosure, I'll pick up your internet fees for a couple of months.....
Casey Serin has offered to go into the birddogging business - I'm sure he would be glad to help you out. And of course, he has a proven eye for value!

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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