Colorado is a strange area. I bought a house there in 1985 when prices were distressed and people looked at you as if you were crazy if you mentioned buying a house. There were real estate signs everywhere. The house has about doubled in price since then–nothing to write home about. They are about 6 years out of sync with California’s real estate cycle.
My sister and her husband are real estate brokers above Denver, and business has been so bad, that both have second jobs. There is no problem with listings, there just aren’t any buyers.
Its the last place I would suspect of being a speculative bubble, but if you look a Arizona a few clicks away 40,000 houses for sale and 5,000 are selling a month it kind of makes you wonder.
Maybe the baby boomer’s have hung up their skis and have moved the the elephant graveyard of Phoenix. Its kind of like watching water run up hill.
