October 2013

There are 2 blog entries for October 2013.

Published in The Steamboat Pilot & Today on Monday, October 21, 2013

By Michael Schrantz


"Steamboat Springs — The real estate market in Steamboat Springs has been on the slow road to recovery for some time. Indicators such as a favorable sell-through rate, increases in transactions and dollar volume and the falling number of foreclosures have been aligning behind an improving outlook.

A search of Routt County records Monday afternoon showed only two notices of election and demand, which signify the start of the foreclosure process, had been filed in October. The monthly high for the year so far was 18 NEDs recorded in May. There have been 113 NEDs recorded to date this year compared with 203 by the end of October in 2012.

“You can't

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HOME prices have been rising rapidly, so much so that there is talk that we are entering another national bubble.

In fact, according to the S.& P./Case-Shiller Composite-10 Home Price Index, which Karl Case of Wellesley College and I developed, home prices in the United States were up 18.4 percent in real, inflation-corrected terms in the 16 months that ended in July. During the housing bubble that preceded the 2008 financial crisis, the largest 16-month increase wasn’t much bigger: 22.7 percent, for the period ended in July 2004.

Is it possible that we are lapsing into what I call a bubble mentality — a self-reinforcing cycle of popular belief that prices can only go higher?

Some answers arise from a study that Professor Case and I have been

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