Fred Crowley Confirmed It - Colorado Springs Real Estate Market has Hit Bottom

On Tuesday, Fred Crowley the Senior Economist with the Southern Colorado Economic Forum visited our offices and he confirmed what I said last week. We have hit bottom. He said we may not take an upturn right away but we have definitely hit bottom. What that means is all the economic indicators he watches show that housing prices have started to flatten and hopefully soon will be back on the rise. He also said we never had a "bubble" here in the Springs. He compared us to Phoenix where prices came down more then 40% and Tampa which came down more then 30%. Our housing prices are only down 8%. While that may be disappointing to you if you are looking to sell your home soon, understand that while your home is worth less so are the ones you are looking to buy.