Home values in the Denver area gained an average of 0.5 percent in the second quarter from the first quarter, while the nation?s overall housing market lost 0.4 percent during that time period, according to a report by Zillow.com released today.
Nationally, that was the smallest quarterly decline in more than four years, shows Zillow?s analysis of 154 metropolitan statistical areas.
However, Denver slightly trailed the nation on a year-over-year basis. Denver?s housing prices dropped 6.9 percent, compared with a 6.7 percent for the U.S.?Home prices in Denver, stood at $196,300 according to Zillow, compared with $171,800 for the U.S.
Denver home prices also have held up better than in the nation as a whole.
Denver at 2001 levels
Denver?s prices at the end of the second quarter were off 15.5 percent from their peak in June 2006 and are now back to the levels of February 2001, according to Zillow. Nationally, home values have fallen 28.8 percent since the peak in June 2006.
Other metrics include:
- Homes with negative equity - In the Denver area, 39.8 percent all of single-family homes with mortgages were underwater in the second quarter, compared with 41 percent in the first quarter and 31.6 percent in the second quarter 2010. Nationally, the negative equity rate is 26.8 percent.
- Foreclosure resales ? Twenty four percent of all Denver-area homes were foreclosure resales in the second quarter, compared with 19.7 percent on a national basis.
- Homes sold for a loss - Some 30.8 percent of all the homes sold in the Denver area were sold for a loss in June, compared with 34.1 percent nationwide.
Peter Niederman, CEO of the Kentwood Co., said the Zillow numbers, show, overall, Denver?s housing market is better than in many other places.
?Actually, I think Denver housing is doing very well in the midst of all of this global meltdown,? Niederman said, alluding to the well-publicized S&P downgrade of the U.S. and the stock market crashes last week and on Monday.
National outlook
?While there are many positive signs in the second quarter, and it is clear the post-tax credit free-fall of home values is over, we?re not out of the woods yet,? said Zillow Chief Economist Dr. Stan Humphries. ?It is very encouraging that two-thirds of markets in our report experienced home value appreciation, but we have to remember that this is coming on the heels of one of the worst quarters since the housing recession began.
?We expect a bumpy road ahead. There will be many ups and downs in home values before this is over, and we continue to expect a true bottom in 2012, at the earliest. There are still hazards in the form of a full foreclosure pipeline, high negative equity and fluctuations in demand.?
Contact John Rebchook at JRCHOOK@gmail.com
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Source: http://insiderealestatenews.com/2011/08/zillow-denver-out-performs-nation-by-some-metrics/
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