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Housing snapshot: Unemployment higher, housing prices dip lower in Springs

Wed, Oct 26, 2011

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Unemployment is higher in Colorado Springs than it is in the rest of the state and housing prices have slipped farther, according to data compiled in the Colorado Division of Housing Market Snapshot released earlier this week.

While the unemployment rate fell in Colorado Springs to 8.6 percent in September, it has been and remains slightly higher than the state average. Communities like Boulder, Fort Collins and Loveland have traditionally had lower unemployment rates than Colorado Springs while Grand Junction and Pueblo have consistently been harder hit by unemployment than the Springs.

Housing prices have also fallen more dramatically in Colorado Springs than in other metro areas. The housing price index is 11 percent below its peak in Colorado Springs and only 7.4 percent below its peak in Denver. Similarly, the index slipped 4 percent quarter over quarter in Colorado Springs compared to just 2.8 percent in metro Denver.

Apartment vacancies are down and rents are up in Colorado Springs as they are throughout the state. Foreclosures are also on the decline throughout Colorado, according to the report.

To see the report and included graphs visit: https://dola.colorado.gov/app_uploads/docs/regional_ColoSpr.pdf

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