Home Sales Are Down—Big Time—This Fall
Though the UFO-looking house in Genesee that's named for its role in the Woody Allen film Sleeper sold last month, it went for just $1.53 million—a fraction of its worth in better times. But that's how it made this week's top 10 real estate deals, notes Westword, and if you can say something good about it, at least it sold. Sales of Denver-area homes plummeted nearly 26 percent in November compared to a year ago. And, believe it or not, Gary Bauer, an independent residential broker, thinks that's good news. He expected the situation to be worse, writes the Denver Business Journal. Moreover, "the other positive thing is sold prices continue to be stable, which is a good indication we have a really good base in the market."
The outlook is much gloomier in El Paso County, points out the Colorado Springs Independent, which reports that the assessor there is predicting, on average, a 10 percent drop in residential real estate values. Meanwhile, Attorney General John Suthers has filed civil lawsuits against three businesses and five individuals, accusing them of staging deceptive foreclosure rescue schemes involving homeowners' equity (via Boulder's Daily Camera).
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