Although Denver, like the rest of the county, has yet to fully recover from the first nationwide housing downturn since the Great Depression, a national report released on Tuesday illustrates that Denver has not been hammered as hard as many other cities once flying high on home prices in the stratosphere, before plummeting to earth equally as fast and hard.

Denver is only one of two of the 20 metropolitan statistical areas tracked by the closely watched  S&P/Case-Shiller report that is down less than 10 percent from its peak.

Denver is down 9.8 percent from its peak in August 2006, according to a year-end analysis released by Case-Shiller. Dallas is the other city, down 8.2 percent from its peak.

It was a different case in Las Vegas or Phoenix, down 57 and 53.4 percent, respectively, from their peaks.

But before they crashed, they experienced huge gains in prices. In 2004, Las Vegas experienced its peak annual growth rate of 53.2 percent, while Phoenix was up 53.2 percent.

Denver never had those kinds of run-ups.

Denver’s drop painful, but not a bubble bursting

“A 10 percent drop is not a bubble,” said Chris Mygatt, president of Coldwell Banker Colorado.

“I think it is a great observation that if you look at Phoenix and Las Vegas, they are both in the same time window from Denver, and both of them are some of the hardest hit home markets in the country,” Mygatt said. “Yet, here we are in Denver, where we never had that big bubble or that big bubble exploding.

Mygatt said it is exiting to have a national spotlight on the relative strength of Denver’s housing market. “I think it is really thrilling to be recognized by Case-Shiller in that way.”

Independent broker Gary Bauer said that the Case-Shiller analysis backs up what he and many other Realtors have been saying since the housing crisis first became apparent more than three years ago.

Denver avoided peaks and valleys

“Without sounding like a broken record, but in the Denver metroplex, we have never had the peaks and valleys like some other markets,” Bauer said. “Overall, we have had more of a consistent market. Denver is not like it was in the ‘80s, when our economy was tied to one industry, oil. Back then, it was like the 16^th Street Mall was booming on Thursday and when the energy market collapsed it was dead on Saturday.”

Now, he said, Denver’s economy is more diversified, and is a “destination” city for a wide-variety of professionals looking for good jobs in an area with a high quality of life.

“Yes, we are still going to have our ups and downs, but, again, not the peaks and valleys,” in the housing market, he said.

Jason Miller, owner of Milan Realty, agreed that Denver never saw the “run up in prices in Vegas and Phoenix, so not seeing large price declines is not surprising.”

However, he said when you look at the price appreciation in the 10-city Case-Shiller index from 2000, Denver ranks fifth. Its long-term appreciation rate is 26 percent, less than half of the 10-city MSA appreciation rate of 59 percent.

Denver’s relative performance from its peak was not the only analysis Case-Shiller used in regards to Denver.nCase-Shiller also broke the Denver market into price tiers by dividing recent sale prices into thirds.

Low-priced homes fell the most

It found from the peak, low-tiered homes – houses priced in the bottom third – lost 14.4 percent of their value. By contrast, the high-tiered market is down 10.3 percent and the aggregate market fell by 9.8 percent.

The timing of the report and Case-Shiller’s methodology likely resulted in the high-end homes faring the best, Miller theorized. The most recent Case-Shiller report was for October.

Old data

“Case-Shiller’s data is very old,” Miller said. “Their methodology takes a three-month average for the data in their report. So, the October release had homes that closed in August, September and October.” And those homes likely went under contract in the late spring and early summer, he said.

“As you know, the sales of high- end homes picked up in the late spring and early summer, so Case- Shiller may not have had as many (closings) to analyze,” Miller said. He noted that Edie Marks, a broker at the Kentwood Co., recently told InsideRealEstate News that high-end homes that are selling have very large price reductions and we are coming off a very low base of sales of high-end sales in 2009.

“Let’s wait a few more quarters, and we should see high-end homes surpassing the low- and mid-end,” Miller said.

But Mygatt, of Coldwell Banker, thinks the Case-Shiller analysis rings true.

High-end held values longest

“If you look at the high-end market, it was the last to fall in Denver,” Mygatt said. Mygatt added that sellers last year were finally willing  to sell homes have lowered prices to make them more attractive to buyers, spurring sales of homes priced at $1 million or more.

“Quite frankly, if you look at the past year, and I do not have the stats in front of me, but I think that were only two or so months in 2010 that the high-end market did not out-perform the same month in 2009,” Mygatt said. “Yes, the market did drop off significantly last year, but the market also held on to its value longer the market as a whole.”

Bauer said that Case-Shiller’s take on the top tiered homes makes sense, because after the Denver-area market peaked in 2006, it was the low-end market that first suffered from foreclosures and took huge hits. Luxury homes only  recently have suffered a similar fate.

If Case-Shiller had been looking at a year-over-year change, the luxury market may have taken the larger percentage loss, he said. That’s because investors have driven up the prices of homes in the bottom tier, while prices of luxury homes are being slashed to sell.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Luxury home market flat
• Luxury home inventory plunged 35%
• Fox shout-out to Denver
• Home market improves in 2011
• Home market holding up

The median, or middle, price of a home jumped to $224.800 last month from $197,800 in December 2008. The percentage increase was the largest of at least other metropolitan statistical areas tracked by the NAR. Unlike the S&P/Case-Shiller report that will be released on Tuesday, the NAR report does not include only major markets. It also includes markets such as Pittsburgh and San Antonio, for example.

Sales volume, however, dropped by 10.2 percent in the Denver area.  Only Indianapolis, with a 13.1 percent decline, showed a bigger percentage drop, according to the data released by NAR.

Denver was not on the list, but the information it compiles for the Denver MSA was released to InsideRealEstateNews.com.

“I can give you unpublished data on Denver,” said NAR spokesman Walter Molony. He said the NAR publicly released month-over-month data on various cities depending on the sample size of the MSA and how comfortable NAR felt with the data. The NAR also noted that their data may show different results than local data because of geographic areas and housing types included. An earlier report by independent broker Gary Bauer, based on Metrolist data, showed a slightly smaller percentage increase in the median price of a single-family home sold. Bauer’s report showed the median price of a single-family home closed in December at $221,000, up 13 percent from December 2008.

Molony also cautioned about reading too much into monthly data for any metropolitan area.

“Month-to-month data can be quite volatile,” Molony said. “We prefer quarterly data. We will be releasing quarterly data on Feb. 11. That will be more in-depth and you should find that more valuable.”

When I told Chris Mygatt, president of Coldwell Banker Colorado, about the data, he noted that is a bit of a higher December vs. December 2008 gain, based on local Metrolist figures.

He said the increase last month was due to the mix of homes being sold. For most of 2009, so many distressed properties were being sold that they were driving down the overall average and median prices, he said.

“It is interesting,” Mygatt said about the NAR data. “We know in the last four months we have been seeing some increases in the average price of a sold homes.”

But he said that is a trend that may not last.

“If  you look at the big picture in Denver, we know that banks are sitting on a record number of homes that are not being listed on the market and are not currently being sold,” Mygatt said. “That has resulted in a decreasing inventory and when demand came on strong, we saw prices at the lower-end move up, along with some movement at the upper end.  What I really fear is when and how this  ”shadow market” of unsold homes held by the banks are delivered to the market. If they let them out one at a time, by dribs and drabs, it won’t have much of an impact. But if all of a sudden they drop thousands of homes on the market, we are going to be in trouble. That will cause a big drop in prices.”

Source: National Association of Realtors

Contact John Rebchook at JRHOOK@gmail.com or 303-945-6865.

Related Posts:

• Shadow market poised to increase Denver housing supply by 78 percent
• Denver’s drop no bubble
• Home sales drop, prices up
• U.S. home sale drop in line with Denver’s
• Million-dollar homes show life; most sales still below $300,000

Still, many Realtors contend that doesn’t really capture  what is  happening in the market.

They argue that interest in homes that most people buy – those below $300,000 – is quite robust. And if it were not for the huge drop in values among the most expensive houses, the Denver-area market would be extremely strong.

“I am always afraid when someone reads an article showing an overall gain, or a peak, or a loss in the Denver metro area, they think that is what they are going to find in every neighborhood,” said Corey Wadley, a broker-owner of Denver-based Nostalgic Homes.

He said that reports looking at an overall market do not take into consideration that different market exist at different price points.

“First-time home buyers read it is a buyer’s market, and think the can throw a wet noodle at the wall and it will stick,” Wadley said. “But it is not a buyer’s market in the areas around downtown Denver under the $250,000 price point. People in the trenches can tell you that we are looking at multiple offers at these price points below $300,000 or $250,000. The overall numbers for a metro area do not really tell you much in relationship to homes people are looking to buy right now.”

He said in northwest Denver example, where Nostalgic Homes is headquartered and does two thirds of its business, home prices appreciated last year for those priced $300,000 or below. Developers of luxury spec homes – those without buyers – in northwest Denver had to drop their prices, because of extremely high carrying costs, making the market look weaker than it really was for the majority of buyers, he said.

If you removed the luxury housing market from the statistics, which has seen huge slashes in prices, the rest of the market would look pretty solid, said Jeff Bernard, principal of Bernard Real Estate Analytics and a broker with RE/MAX Alliance.

“I really believe so,” Bernard said. “The luxury housing market is experiencing a pretty amazing crash. I would think that is the only thing that would really be hurting the overall Denver residential real estate market…I don’t want to sound trite, but it really is almost a street-by-street market. There are certain aggregates than you need to look at when we start drilling down into the market. I think the $300,000 and below is a very healthy market. It is a ticking time bomb in the $750,000 to $1 million and beyond market. I would say that is really a black hole out there, although it is a small percentage of the market.”

Economist Patty Silverstein, principal of Development Research Partners, said she has not paid as much attention to the sales in price point like many Realtors have, but she believes that they are probably correct that the luxury housing market is a drag on the overall market.

“The higher-end housing market seems to have more swing to it,” she said

Bernard said the $8,000 tax credit for first-time home buyers helped the overall Denver housing market last year.

“I know that from first-hand experience,” Bernard said. “I helped my daughter buy her first home last year. She was looking in the $210,000 range and we saw the prices increases, as people bid up the prices on those homes.”

He said at the low-end, first-time buyers not only are competing against owner- occupants like themselves, but also against investors who plan to fix them and flip them, or rent them.

Bernard and Wadley said that the extension of the $8,000 tax credit to the end of April, as well as a $6,500 tax credit for some current homeowners, should drive traffic in the first few months of this year. Wadley said he is surprised by how many people who unaware of the tax credits, especially the one for existing homeowners. He said he is encouraging people to start looking now, rather than waiting until February, and risk not getting their home under contract in time to take advantage of the tax credits.

Early signs are promising, Wadley said.

“If we judge it by open house traffic, the interest out there is huge so far this year,” Wadley said.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

Related Posts:

• Only 1,072 permanent loan modifications in Colorado
• Dawning of the age of "rational apathy"
• Spring home sales likely to surge
• Denver lands close to 30% of $1 million-plus home sales
• President Obama will sign tax credit extension, expansion on Friday

The report says that regional business confidence levels are increasing and the correction in housing may end – or at least stabilize.

Clark noted that the “annual declines in a majority of the S&P/Case-Shiller Home Price Indices have reached bottom, and the indices for Denver are close to a positive annual return. (For my earlier blog on the most recent Case-Shiller report go to this link.)

“Additionally, according to the National Association of Realtors (NAR), the Denver-Aurora-Broomfield metropolitan statistical area was among 30 areas that reported an increase in median home price between the third quarters of 2008 and 2009. The increase was also the first reported for Metro Denver in two years and contrasted with an 11.2 percent over-the-year decline in the nationwide median,” the report notes.

Metro Denver home sales rose 2.9 percent between September and October. October home sales were 7.6 percent below sales from October 2008, but this over-the-year gap in sales was the smallest reported since December 2008, according to the report. (For more on the Denver-area housing market in October, go to my previous blog.)

“Put another way, the pace of Metro Denver home sales is slowly strengthening and should reach a point early next year where monthly sales exceed those reported in 2009,” Clark said.

Slow improvements in home sales have also helped stabilize home prices in the Denver area. Denver. The October average sales price for single-family homes increased 4.6 percent over-the-year, and the average price for the first 10 months of the year moved within five percent of the average for the same months of 2008. The year-to-date average condominium price was down 7.1 percent in October, but condominium prices are also showing signs of gradual improvement.

Challenges certainly remain for housing markets, the report notes.

“The Mortgage Bankers Association’s most recent National Delinquency Survey shows roughly one in seven U.S. mortgages were past due or in foreclosure at the end of the third quarter, and overall delinquency rates continue to break records nationwide. In Colorado, closer to one in 10 home loans were delinquent or in foreclosure at the end of the third quarter. The state’s overall delinquency rate of 6.7 percent was the highest reported since at least 1990, Colorado still had the 10th-lowest rate in the nation.”

The report also notes that “unemployment has largely replaced subprime loans as the key driver of mortgage delinquency, although additional resets of adjustable rate loans are looming in 2010. Stronger trends in home sales and prices can only help with these challenges, though, and government programs including the now extended and expanded homebuyers’ tax credit should also help housing markets stabilize in the months ahead.”

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

Related Posts:

• Forbes takes second look at Denver's housing market
• Denver housing data focus of economic report
• My take: National home sales numbers bodes well for Denver
• NREL Forum a hidden economic gem for Denver economy
• Denver housing score well for price changes, foreclosures

The report shows that the U.S., overall, saw prices drop by 8.9 percent during that time period. And the 10 and 20 city composites in the report, fell by 8.5 percent and 9.4 percent, respectively.

“Neither Denver nor Dallas saw that meteoric rise in prices other cities did, so it is logical that they would not see the meteoric declines,” said Tom Cryer, a broker with the Kentwood Co.

Overall, the third-quarter report is a marked improvement over the 14.7% decline in the annual rate of return reported in the second quarter of 2009, and the 19.0% drop in the first quarter.

“We have seen broad improvement in home prices for most of the past six months,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “However, the gains in the most recent month are more modest than during the seasonally strong summer months. Fewer cities saw month to month improvements in September than in August in both seasonally adjusted and unadjusted figures.”
Nationally, the U.S. National Composite rose by 3.1% in both the second and third  quarters of 2009. Both the 10-City and 20-City Composites posted their fifth consecutive monthly increase with September’s report.

Steve Blank, a broker with Fuller Sotheby’s International Realty, said that the 1.2 percent decline in Denver is “freakishly good,” and better than he would have expected.

“I would say that things are pretty well bottoming out now, and if they are not at the bottom, they are close,” he said.

But he said that the market is only down by 1.2 percent because of price improvements at the lower-priced homes, as expensive homes are still hurting.

“There are some phenomenally good deals at the high-end,” Blank said.

However, there is some good news for buyers of luxury properties, he said. Just recently, lenders started making more competitive jumbo loans – that is,  for mortgages of more than the conventional loans that top out at $417,000, he said.

“One lender offers what it calls “doctor loans,” he said.  These loans are fixed for either 10 or 7 years and are amortized over 30 years.

“You can get them at in the 4.375 percent or 4.75 percent range,” Blank said. But you need a credit score of 740 or higher, and typically lenders want at least 20 percent down, he said. Thirty year fixed jumbo loans also are available in the 5.5 percent range, for extremely qualified buyers who put at least 20 percent down, although he said occasionally a lender will allow only a 10 percent down payment.

Diane P. Huttner, a broker with Prestige Real Estate Group, said the top ranking at Case-Shiller is wonderful.

“That is really good news,” she said. “That tells us something about our market.”

But she agrees with Blank and other Realtors that the top-end of the market is still “quite challenging.”

She said that she has noticed a number of expensive homes recently selling in the Hilltop and Cherry Creek areas for less than the mortgage amount, although she said one expensive home in Cherry Creek recently sold for a mere $15,000 below the asking price.

And she said she spoke to a builder about buying some land near the Preserve in Greenwood Village. The builder, who constructs homes priced above $2 million, said even if she gave the land to him, “no one wants to pay me what it would cost to build a home.”

But she said for someone wanting to move up, it may be worth it to sell their home for even a slight loss, because they can drive a great bargain for a luxury home.

Mike Rinner, of the Genesis Group, which tracks housing along the Front Range, also said that the most recent Case-Shiller ranking is good, and continues a trend seen for most of the year.

He said Denver and Dallas each have has seen seven months of consecutive improvements from the previous months this year. But some of that, especially in mid-year, was because of seasonality, he said. Even in overall down years, there are some month-to-month improvements for seasonal reasons, he said. No markets are showing consistent improvements from the same month in 2008, Rinner noted.

While that, with today’s report are encouraging, he said the market still faces more pain.

“I think it is going to stay negative, as far as price appreciation,” Rinner said. “We will be lucky if we hit zero (price appreciation) next year. In the third quarter of this year, foreclosures jumped 54 percent from foreclosures last year.  And with more foreclosures, and fewer jobs, it is just tough to get a housing recovery. Housing demand is a function of employment.”

Still, for those able to buy today and hold on until 2012, will  be rewarded, said Cryer, of Kentwood.

He said 2010 will not be that much different from 2009, and 2011 “will not be super. But in 2012, I guarantee you that you, me, my neighbors and everybody will wish they had bought those short sales and foreclosures in 2009. If you want a “lock it and leave it” lifestyle, and plan to retire in the next few years, now is the time to buy a condo in the Landmark. Look at the confleucen of events we have with low interest rates, a good supply of homes to choose from at the upper end, and depressed prices. It just takes one of those factors to go away to completely change the buying opportunity we have  today.”

Area	Appreciation since 2000	September to October change	1-year change from October
U.S.	46.58	0.4%	-7.3%
Atlanta	10.12%	-1.0%	-8.1%
Boston	54.7%	-0.6%	-2.8%
Charlotte	19.05%	-0.7%	-7.0%
Chicago	30.78%	-1.0%	-10.1%
Cleveland	4.97%	-1.6%	-3.5%
Dallas	19.90%	-0.6%	-0.6%
DENVER	28.91%	-0.4%	-0.1%
Detroit	-26.93%	0.2%	-15.1%
Las Vegas	04.7%	-0.1%	-15.1%
Los Angeles	68.43%	0.3%	-6.3%
Miami	49.09%	0.4%	-14.0%
Minneapolis	24.51%	-0.5%	-8.4%
New York	75.01%	-0.0%	-7.7%
Phoenix	9.26%	0.8%	-21.8%
Portland	49.72%	-0.5%	-11.8%
San Diego	55.37%	0.4%	-2.4%
San Francisco	35.81%	1.3%	-2.6%
Seattle	49.26%	-0.4%	-12.4%
Tampa	40.27%	-1.6%	-15.2%
Washington, D.C.	79.71	-0.4%	-2.8%
Composite-10	58.82%	0.0%	-6.4%
Composite-20	46.58%	0.0%	-7.3%

.

Related Posts:

• Shadow market poised to increase Denver housing supply by 78 percent
• Are there too many high-rise condos in the Denver area?
• Exclusive: More than a million Denver-area home sales over 35 years
• Will developer buy back at Landmark pay off?
• Landmark a success despite bankruptcy

The shadow market in the Denver area is 13,888 homes, according to the Amherst Mortgage Insight report released by Austin-based Amherst Securities Group, which puts the total inventory – including the shadow market – at 31,618 unsold homes, based on data from Trulia.com. The shadow market, as defined by Amherst, are homes that are in or facing foreclosure, but are not yet on the market. Others also include homes that are being rented, often for less than the mortgage amount, because the owners are unable to sell them for a profit, but plan to sell them when they think the market is starting to recover.

“We keep hearing about this shadow market, but this is the first real quantification I have heard of,” said Tom Cryer, a broker with the Kentwood Co. “This report takes the shadow market from being something of an urban myth, to something that really exists. I do not see anything that could dispute it.”

If the shadow market could add almost another 14,000 homes to the Denver-area market, that could slow the recovery of the low-end homes that seem to be stabilizing and even appreciating, Cryer said. In August, there were 24,648 unsold homes on the market in Denver area, 20 percent fewer than a year earlier, according to a separate analysis of Metrolist data by independent broker Gary Bauer.

One way to look at it, is that the shadow market would bring the supply more in line with its historical levels.

Rinner: Inventory low in Denver

“But we have such a low sales rate,” that people are not putting their homes on the market, keeping the inventory low, said Mike Rinner, of the Genesis Group, which tracks housing along the Front Range.

Nationwide, the shadow market is 7 million homes, equating to a 1.35-year of inventory, according to Amherst. “The single largest impediment to a recovery in the housing market are the number of loans that are either in delinquent status or in foreclosure, destined to liquidate,” according to the report. “This creates a huge shadow market,” the report notes.

More bad news could be on the horizon, despite recent positive trends, such as reported in the S&P/Case-Shiller report, which found that most of the 20 statistical areas had shown a month-to-month increase from July to August. The Amherst report analyzed the 20 cities in the S&P/Case-Shiller report, including Denver. It found that only six cities – led by Las Vegas, had a larger shadow market, as a percentage of the total inventory, than Denver. In Vegas, the total shadow market accounts for a 315 percent increase over the number of actual listings.

Shadow market growing

And the shadow market could become an even larger problem. The Amherst report notes that “to the extent that there is more home price depreciation (causing higher volume of defaults), the problem could escalate.”

Rinner, of the Genesis Group, a local company that tracks housing along the Front Range, said the report “makes a strong case that the other shoe (of foreclosures and depressed pricing) is waiting to drop. “However, he added you always wonder how good the research is of “experts from looking from afar.”

Still, the report attempts to quantify the shadow market, which is valuable for predicting the direction of the market.

“Probably the most interesting thing to come out of it, is that we do have an excess supply that isn’t frequently recognized,” Rinner said. But he said there is a saving grace, which may help to mitigate the blow of the shadow market.

“We do have a pent-up demand,” of buyers who want to take advantage of low-interest rates and low home prices, he said. Even though unemployment is high by historical standards, 93 percent of the people in the Denver metro area still have jobs, he said. The main thing that keeps people from taking advantage of the housing market is concerns about their jobs, he said. “Over time, as that starts to go away and people feel more comfortable, and unemployment starts to fall or stabilize, people will start entering the market again,” Rinner said. “The excess supply will get used up.”

On the other hand, as the Denver-area population ages, that older demographic is not as likely to move as quickly as younger buyers who are forming and growing families, he said. However, as builders construct greener, more sustainable homes, and owners retrofit homes with green features, that could increase the demand, he said.

Amherst, in its report, said that more needs to be done to lessen the impact of the shadow market.

“We believe that the housing overhang is the single large issue inhibiting a housing recovery,” according to the report. “We are concerned that, in light of this overhang, the housing market , stabilization is temporary based on seasonal factors, and prices can deteriorate further. We believe a more permanent stabilization must await some resolution of the shadow inventory.”

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

Related Posts:

• Exclusive: More than a million Denver-area home sales over 35 years
• Denver ties for top city in Case-Shiller report
• Home sale sweet spot below $300,000
• Spring home sales likely to surge
• Historical Denver home prices, adjusted for inflation

“I think it is awesome,” said Stacy Neir, an agent with Kentwood City Properties. “It is a bit of being the best of the worst.  Still,  only dropping about 5 percent when compared to the rest of the market, shows that we are in much better shape relative to the rest of the nation.”

Neir also noted that “obviously, these are just averages. Real estate is very local and depends on what neighborhood you are talking about.”

For the one-year period, through April, the 20 major metropolitan areas on the list showed a 18.1 percent drop. It also is broken into a 10-city list, which includes Denver, which posted a 18.0 percent drop. Phoenix was the worst-performer, showing a 35.3 percent lost. It was followed by Las Vegas, with a 32.2 percent decline and San Francisco, which fell 28 percent.

Following Denver as the best performers, were Dallas and Boston, down 5 percent and 7.7 percent respectively, in the the one-year period that ended in April.

Overall, the 20 cities are not as doing as poorly as they have in the past.

“The pace of decline in residential real estate slowed in April,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “In addition to the 10-city and 20-city composites, 13 of the 20 metro areas also saw improvement in their annual return compared to atha of March. Furthermore, every metro area, exept for Charlotte, recorded an improvmeen tin monthly returns over March. While one month’s dta cannot determine if a turnaround has begun, it seems tha some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take soem time to determine if a recovery is really here.”

He also said that other parts of the economy also have shown some strength.

“The stock market bottomed in March and measures of consumer confidence have turned upward,” Bitzer said. “This report shows that these better spirits are also appearing in the housing market.”

Related Posts:

• Economist Silverstein: Money's forecast "crazy"
• Case-Shiller: Denver market falls little from peak
• Experts not surprised, but pleased by Denver's ranking
• Mizel bullish on Denver, MDC
• Drop in Denver building activity welcomed