30 July 2008

Denver real estate recovering

There is hope for Denver real estate, but less elsewhere.

Home prices in metro Denver fell 4.8 percent for the 12 months ending in May. The decline was the third-smallest among the 20 cities tracked by the Standard & Poor's/Case-Shiller 20-city index, after Charlotte, N.C., and Dallas.

Between March and May, prices actually rose 1 percent in metro Denver, which could point to more stable home prices here in the months ahead. . . . the value of housing in Detroit is now lower than it was in 2000. . . .

Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.

Declining domestic auto industry fortunes suggest that Detroit has much more bad news to experience before hitting bottom.

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