The Boulder and Fort Collins-Loveland markets ranked among the top 20 improving housing markets in the nation on RealtyTrac’s first-ever Housing Market Recovery Index, while Colorado Springs ranked among the bottom 20.
Fort Collins-Loveland, where home prices have increased 21 percent from their lowest point and foreclosures are down 97 percent from their peak, was the highest-ranking Colorado metro, placing eighth with a recovery index of 157. Boulder ranked 14th with a recovery index of 145, having seen home prices increase 40 percent from their trough and foreclosures drop 86 percent. Fort Collins-Loveland’s unemployment rate was 6.2 percent and Boulder’s was 6.1 percent compared with the national average of 7.5 percent
Colorado Springs ranked 94th out of the 100 major metro areas surveyed, receiving an index of 85 with an unemployment rate of 9.1 percent, a price increase of only 17 percent and foreclosures dropping by 73 percent.
Rochester, N.Y., with a total index of 217, is showing the greatest signs of recovery, while Baltimore, MD, is showing the least improvement with an index of 80.
“The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels,” says Daren Blomquist, RealtyTrac vice president. “Still symptoms of the distress that plagued the housing market over the past seven years continue to linger, particularly in the form of a high percentage of underwater borrowers and distressed sales. This lingering distress is creating an uneven pace of recovery across different local markets.”
RealtyTrac based calculations on unemployment rate, underwater loans percentage, foreclosure activity percent change from peak, distressed sales percent of total sales, institutional investors share of total sales, cash purchases share of total sales and median home price percent change from bottom.
“Median home prices have bottomed and are now rising in all 100 ranked markets,” Blomquist notes. “Likewise, foreclosure activity is past its peak in all 100 ranked markets — although foreclosure numbers have been rebounding recently in some areas where a more lengthy judicial process created a backlog of pent-up foreclosure activity.”
Owner and Founder
RE/MAX of Boulder