Denver's Real Estate Market is getting stronger!

Good news to report! The Denver Post published an article this week with the following excerpts from it.

Colorado's largest mortgage lender is making it easier for homebuyers to borrow money.
Wells Fargo Home Mortgage on Saturday upgraded the status of the Denver metropolitan area's real-estate market from "distressed" to "stable."
"The fundamentals in the Denver market are changing," said Greg Osborne, regional vice president of the mortgage company. "Inventory is being worked down, and as a result, prices are stabilizing."
There were 24,648 homes on the market last month, a 20 percent drop from August 2007's 30,827 homes, according to data released last week.
The improved status of the market means consumers can borrow 5 percent more than they previously could, Osborne said.
"I am hopeful that it will stimulate demand by increasing confidence in our market," he said. "We may have led the nation into the doldrums, but we're again leading out of the doldrums."

The Standard & Poor's/ Case-Shiller U.S. National Home Price Index dropped 15.4 percent for the one-year period that ended in June. Denver, however, was down only 4.7 percent for the period and has shown three straight months of price growth.

We have been telling many of our buyers that even though the stock market has been volitale and the media as usual as been reporting doom and gloom. It is important to remember that real estate is a local market, not a national market. The Denver market appears to be on the verge of swinging up if not already. If you are thinking about buying. Now is the time, interest rates are low and real estate is "on sale". Contact us today or start your home search by visiting our website www.ColoradoSuccessTeam.com.

Source: Denver Post Business Section
Article date: 09/15/2008 12:32:40 AM MDT
Author: Margaret Jackson