Denver 2nd lowest for housing declines

The Denver-area's housing market fell 14.3 percent from its "peak to
trough," less than half of the overall decline for the 20 cities tracked
in the closely watched S&P/Case-Shiller Home Price Indices released
today.

As previously reported by InsideRealEstateNews
, the Denver market statistic area narrowly avoided hitting a double
dip in housing prices in March, which was the fate of 12 of the 20
cities tracked by Case-Shiller.

However, the report also shows that homes in the 20 cities, overall lost
an average of 33.1 percent from their peaks to low-point. Only Dallas,
with an 11.2 percent decline from the peak to the bottom, showed less of
a drop than Denver. In March, Denver was down 14.1 percent from its
peak, while Dallas was down 10.7 percent.

Denver peak heading to 5-year anniversary

Denver hit its peak in August 2006, and hit the trough in February 2009.
Other cities peaked in 2005, 2006 and 2007.

And its peak, Denver was up 40.3 percent from January 2000. By contrast,
Las Vegas was up 134.8 percent and Phoenix was up 127.4 percent. Miami
showed the largest gain, rising by 180.9 percent at its peak, set in
December 2006.

But, as they say, the bigger they are, the harder they fall.

Miami is down 51.1 percent from its peak, Las Vegas is down 58.6
percent, and Phoenix is down 55.9 percent from its peak.

"Denver's boom wasn't as big, and its bust wasn't as painful," said Jeff
Thredgold, corporate economist for Vectra Bank Colorado. "Denver did not
participate in the boom of 2006 and 2007, like a lot of other markets,
so it is not having the substantial declines as other markets. Denver is
not correcting as much. Denver is not as much pain as other housing
markets. In Las Vegas, for example, 75 percent of the homes are under
water. That is real pain."

Contact John Rebchook at JRCHOOK@gmail.com.







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