Colorado Springs Realtor - Cherise's Blog: Housing Market News for May 2010

Housing Market News for May 2010

The scuttlebutt around the blogosphere about the housing industry is somewhat varied, but many Realtors throughout the nation are reporting some slowdown in business. Needless to say, one of the larger brand Colorado Springs Real Estate companies is experiencing around 45% less showing activity since the April Tax Credit deadline.

On May 14th, some factual data has been released by The Mortgage Bankers Association about purchase applications. According to Michael Fratantoni, MBA’s Vice President of Research and Economics, “Purchase applications plummeted 27% the first week of May and have declined almost 20 percent over the past month, despite relatively low interest rates.”

Keep in mind these figures consider national projections and do not single out any particular sector of the real estate markets. Relative to our local market, while showings are down, I’m still seeing activity, albeit at a healthier pace. As a Colorado Springs Realtor, perspective buyers are still looking to make purchases based on the low interest rates, and from what I understand from my Colorado Springs Mortgage Lender, refinancing applications are up over the past few weeks.

Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:

2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101

Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.

Comment balloon 4 commentsCherise Selley • May 25 2010 08:06PM

Comments

Thanks for the update Cherise...I hope things pick up down your way. It's pretty slow up here in Boulder too, but I think it'll bounce back shortly--think up ;-)

Posted by John Thomas, EcoBroker, MSEE, MBA (E3 Green HOMES) over 10 years ago

The next month or two will appear very ugly, but when averaged with the last few months, hopefully we will still be on a positive trend.  I am concerned the market will make this slow down to be more than it really is which was the topic of my blog today.

Good use of numbers, and I love the caveat you threw in "national projections and do not single out any particular sector of the real estate markets."  So many people (buyers and sellers) do not look at numbers in their local markets and only pay attention to national trends.

Aaron 

Posted by Aaron Silverman, Improving Real Estate Experience through Education (SuccessfulRental.com, Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC) over 10 years ago

Cherise, I'm finding it a little slower here also but it is also May and I have found that May tends to be slow with graduations and the end of school stuff.

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 10 years ago

Usually June is our number one or number two month for closed sales here in Albuquerque, so it will be interesting to see if the market picks up.

Posted by Rich Cederberg, eXp Realty Agent Albuquerque (eXp Realty) over 10 years ago

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