Finally, some good news!

Monday, December 10th, 2007

What a nice change to open www.usatoday.com and find a headline that says:

Housing market is stabilizing, optimistic Realtors say

 Bucking conventional wisdom, a trade group for real estate agents said Monday that the battered housing market is on the verge of stabilizing and inched up its outlook for 2007 and 2008 home sales.

The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5% this year to 5.67 million — the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year.

The Realtors’ group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month’s prediction of 5.69 million.

I have to agree that the Denver market is in line with these predictions.  Even though prices are down, it looks like the foreclosure rate is slowing as well.  Investors and first-time buyers are taking advantage of the lower prices, and they are snapping up properties at rock-bottom prices. 

I’m thinking of picking up a little flip myself, just becuase it seems too good to pass up.  If I buy now, take 3 months to make a few improvements, and put it on the market in the Spring, I think that there are some neighborhoods where I will see a great profit.  And with vacancy rates at their lowest in over a decade a rental or two is looking pretty good as well!

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