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Home Prices Continue To Fall at a Record Pace
Home prices across the country continue to fall and October saw the biggest drop on record. The dropping prices will slowly continue into next year. If you are looking for property in Colorado Springs or Monument now is the time to think about buying a home. The previous record drop happened way back in 1990 so you know this isn't ordinary. Price drops are fairly common from month to month but generally level off throughout the year. Between last year and this one, we are going to see a rare drop because of the current housing slump.
The only exception to the price drop is in parts of the west where home prices are much more resilient. The areas that boomed more than others last year are going to be the places where it takes much longer to balance out. Expect those areas to lower home prices for a longer period of time.
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