Experts are predicting a brighter forecast for 2010. Just what we need to hear. Economists across the board seem to have a common theme: recovery will be slow, but the most painful times are over. Since the summer of 2009, U.S. and global economic growth is underway and this will pave the way for Colorado economic growth.
According to Richard Wobbekind, economist for the University of Colorado Leeds School of Business, Colorado will still rank among the top 10 states for job creation in 2010. Colorado’s unemployment rate is predicted to be 7.3% for 2010. That is good news for the many unemployed people in Colorado and it casts a sunny future for the housing sector as well.
With the help of the most attractive 30-year fixed rate conventional mortgages rates in 40 years and the homebuyer stimulus tax credit, the real estate market will continue to rebound slowly in the coming year. Don’t count on these low interest rates to hang around forever; it is predicted that they will inch up toward the end of the year, as the Federal Reserve concludes its purchase program and begins to sell its securities.
Housing prices in the Denver area grew for the first time in nearly three years, according to the Standard & Poor/Case-Shiller Index. Again, brighter news for homeowners. Rising prices are important to the economic recovery because they make us feel wealthier and lead us to spend more money, promoting a healthier economy overall.
Job growth is key for a robust recovery in our economy. We must continue to attract new employers, to retain existing employers and encourage expansion by them. It is predicted that competition will increase among states to attract companies in the coming year.
The Countdown Is Under Way. As of today, you have 82 days to be under contract by the April, 30, 2010 deadline, and closed by June 30, 2010 to take advantage of the tax credits.
Call us today at 303.449.7000 or 800.825.7000 or visit www.BoulderCO.com