HARRY'S COLUMN

 

COLORADO SPRINGS IS BOUNCING BACK

 

This past week, the Colorado Department of Labor and Employment reported that the unemployment rate in Colorado Springs in September had fallen to 7.4%. This is the lowest level of unemployment in 2009 (and for some time). As the experts at the upcoming Southern Colorado Economic Forum are observing, our local economy has bottomed out and the statistics indicate we are starting to recover from the recession.

 

On October 23, the National Association of Realtors reported that single-family home sales increased 9.4% within the last month. The Gazette put that national data into local context. They pointed out that the 9.4% increase was the largest in 26 years and that current local home resales are up nearly 24% from the national bottom of January, 2009.

 

Additionally, NAR reported that the national current inventory of unsold homes fell to almost 8%, our lowest level since March of 2007. That 8% represents an 8 month supply of homes for sale nationally.

 

To explain this inventory figure in more detail, the "Market Absorption Factor" is defined as "the number of months needed to sell current supply, based upon average monthly sales for the past 12 months". In Colorado Springs, the number of listings (4835) divided by the average monthly sales (823) gives us a Market Absorption Factor of 5.87 months. That's significantly better than the national figure of 8 months. In fact, of the 28 major national real estate markets charted by The Wall Street Journal on October 22, 2009, only 6 of the 28 major cities surveyed come close to that figure.   

 

As always, between the time when a recession is officially "over" and the time when employment returns to normal, businesses have the opportunity to review their investments, repair and remodel their plants, restock their inventory and prepare for the good times. And, because labor and material costs always lag behind a recovery (There are still 22,000 unemployed in the Colorado Springs area), these projects will be less expensive today than they will be next year. How strongly do we feel that recovery is just around the corner? Well, you may have noticed the major exterior remodeling of our office building that was just completed. In other words, we're getting ready for a busy 2010.

 

Forecasters are predicting a slow recovery, but, we can all start looking forward to better times ahead.

 

real estate STILL LEADS THE WAY TO RECOVERY

 

It's an established fact that real estate leads the economy into either good or bad times. In recent months, the First-Time Home Buyers' tax credit has helped lead us out of the recession by stimulating home sales. Experts attribute much of our recovery to the First-Time-Home Buyer tax credit. In recognition of that fact, and in an effort to continue this recovery, the National Association of Home Builders and the National Association of Realtors have joined forces to urge Congress to extend and expand this important tax credit. In full-page ads in the Wall Street Journal, these two organizations point out that, by renewing this soon-to-be-phased-out tax credit, Congress can create 350,000 new jobs, inject more than $28 Billion into the U.S. Economy and generate $12 Billion in additional Tax Revenue. Let's hope the efforts of the NAHB and the NAR are successful and that Congress helps "Put America Back to Work" by renewing this very popular tax credit.

 

SOUTHERN COLORADO ECONOMIC FORUM

 

Just another reminder, this Friday, from 7am to 12pm, the Thirteenth Annual Economic Forum will be held at the Antlers Hilton Hotel in downtown Colorado Springs. The keynote speaker will be Eugenio Aleman, Ph.D., Senior Economist of Wells Fargo. Please call us ASAP, or, click on www.SouthernColoradoEconomicForum.com, to reserve your place at this very informative event.

 

SALZMAN real estate SERVICES GETS INVOLVED IN HEALTH CARE

 

 While in Chicago attending the ERC conference, we were interviewed by MD Preferred real estate Provider, an internet based physician resource center which matches professional service providers in Real Estate, relocation, Insurance, Legal and Financial Advisory Services with physicians on the move. We have since been notified that Salzman Real Estate Services, Ltd. has been awarded membership in MD Preferred and will serve as their exclusive agent in El Paso and Teller Counties. We will provide relocation services to doctors involved with individual practices, groups, hospitals and clinics. This distinction, awarded to less than 100 national firms by MD Preferred Services, is based upon Salzman's "experience and commitment to serving the unique needs and demands of today's busy physician". We are excited and honored to be selected for this appointment.

 

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

 

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 37 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

 

Just click on the icon at the top of this email to listen to my latest podcast. ..And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

 

 

JOKE OF THE WEEK

 

And God said to Adam,"It is not good for you to be alone, so I will create woman to be a helpmate to you. She will support you in all you do. She will always be cheerful and pleasant. She will laugh at all your jokes, no matter how often you tell them. She will be understanding when you play golf on weekends and when you have too much to drink. She will happily clean your house, cook your meals and pick up after you. And her name will be 'Eve'".

 

And Adam said, "That sounds great, Lord. But, how much will that cost me ?"

 

And God replied, "Creating is not cheap. It will cost you an arm and a leg".

 

And Adam pondered for a while and then asked, "Well, what could I get for, say, a rib?"