I have been whining about all the doom and gloom in real estate. I know, whining.
I woke up this morning to this from Tim Leigh....(I know it's regional, but hey, right now we just need to take what we can get!)
Home values holding their own in Pikes Peak region
In the latest ERA Shields "Stat Pac report," the company's realtors take a look at the state of the Colorado Springs residential real estate market. Shields' analysts compare home valuation histories for the United Statesas a whole and for the Pikes Peak region. Based on data collected since 1998 by Standard & Poor's and economist Robert Schiller, the country has the largest home price declines since 1987, ranging from a high of 16 percent positive appreciation to a low of close to 4 percent depreciation through 2006. The local realtors point out that during 2006, the nation was at 199 percent of the median value established in 1998, or a net gain of 89 percent.
Colorado Springs, in contrast, was up 50 percent for the same period for a 39 percent net difference. If there is good news, it's that while the national lows of 4 percent are affecting the national lenders and home building sectors, locally we profile much stronger as a market. "Our median is right where it was last year, and our local average home value is up 1.7 percent," the report said.