By Mark Samuelson
The limos and busses have departed, the private jets are plowing the skies back to L.A. and Chicago, and commentators and bloggers are all over the map as to who came out well and by how much. But there’s little doubt about how Denver did this week. It won big.
While 40,000-plus convention visitors were taking in the cafÃƒÂ© scene and nice weather on the Mall, the Case-Shiller Home Price Index issued by Standard & Poor’s arrived showing the Mile-High City leading the entire nation in home appreciation–up 1.5% May to June–the only major market, save for Boston, headed upward.
“The reason we’re having success is that the downward trend in inventory is already affecting prices,” Jack O’Connor, managing broker at Prestige Real Estate Group, told me. O’Connor, who authors a widely read report, is predicting price increases for 2009, particularly in the under-$300,000 range where listings are disappearing fastest. more »