Colorado housing market favors Democratic incumbent
While the pools show a dead heat in Colorado, RealtyTrac’s report favors the Democratic incumbent, Senator Mark Udall; this market had no counties categorized as worse off. Of the 35 counties in Colorado scored, 33 were categorized as better off while two were categorized as toss-ups and none were categorized as worse off.
Unemployment is down in Denver’s most populated housing counties — El Paso, Denver County and Arapahoe. In Denver County, unemployment is down 3.0 percentage points from July 2012 to July 2014, compared with a 2.9 percentage point decrease in El Paso County and a 2.5 percentage point decrease in Arapahoe County. The tide of seriously underwater Colorado borrowers is also receding, with only 6% of homeowners with a mortgage who are underwater in the three most-populated counties
Meanwhile, home prices are rising in all three counties compared with two years ago. In Arapahoe County, home prices are up 22% in Denver County home values are up 14%, while El Paso County saw home prices rise 5%.
However, the rise in Colorado home prices without a corresponding rise in incomes is worsening the affordability situation in the major Colorado counties. The percentage of median income needed to purchase a median priced home is up 5 percentage points from two years ago in Denver and Arapahoe counties and is up 2 percentage points in El Paso County.
Meanwhile, foreclosure starts are down from two years ago in two of the three most-populated Colorado counties. In Denver County, foreclosure starts are down 67% from August 2012 to August 2014. El Paso County saw a 54% decline in foreclosure starts, while Arapahoe County saw foreclosure starts rise by 3 percentage points.
Click here to view RealtyTrac’s Housing Scorecard