Prices of Homes including their Values Rose Despite the Denver Foreclosures

In Denver, the foreclosures have managed to stay quite high as compared to the foreclosures in the other metros, but home values, home prices and sales of homes from builders in the city have been improving, based on reports from real estate research companies and from the Colorado Division of Housing.

The Denver metro ranked third among the U.S. cities gaining the maximum in values of house for a period of 11 months ending in November. Gong by the home values Denver gained $10.7 billion, following Boston and Providence, Rhode Island.

Many other big cities lost billions regarding the values of homes, as they incurred a total loss of $489 billion within the 11-month period. The values of homes in Denver rose by $10.7 billion to $215.7, which features a sharp difference to the fall of home prices by $20.2 billion in 2008.

In fact, Los Angeles was the worst sufferer with a total of $60.8 billion lost. With a loss of $49.6 billion, Chicago followed the suit. In New York City the loss incurred was $49 billion; and in Miami and Fort Lauderdale the loss leveled to $45.9 billion; while Phoenix suffered a loss of $45.1 billion lastly.

Foreclosed homes in Denver, according to the Colorado Housing Division, were not as high as it was in the regions outside Denver. Thus, the existing home sales were not affected. The total number of Colorado foreclosed homes for sale that were already existing and the homes that had been constructed some time back (not-newly-constructed) and sold by the builders rose to at least 3,599 units featuring a hike of 23% as compared to November 2008s figures when 2,920 units were sold. This also included a hike of 9% from among the 3,958 homes that were sold during the previous month.

According to the analysis of the Denver realtors and analysts, the increasing number of home sales occurred not only because of the first-time buyers availing of the tax credit program from the federal government, but also due to the hike in the figure of move-up buyers, as featured by the increasing number of higher-priced home sales.

The average price for the single-family homes was $218,000. This was a hike of approximately 12% as against last year’s average of $195,000. however this figure varied by a drop of 1.8% from $222,000 during October.

For condominiums, the average price was $135,900, as against last year November’s average of $130,000. In fact, there were at least 179 such units that were sold at $600,000 and above $2 million. This indicated a noteworthy improvement among the high profile buyers.

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