positive momentum. The activity seems to be in call center, defense, and healthcare. Local analysts and business leaders are cautiously optimistic this is a sign of things to come; unemployment in Colorado Springs is currently at 8.6%. Underemployment remains high and brings this number up. CNBC ranked Colorado as the third best state for business. Quality of life and business friendliness are the top indicators for Colorado's success. For quality of life, only Hawaii ranks higher. Business friendliness measures high and takes into account regulatory and legal climates for businesses. The weak areas according the report are transportation, infrastructure and cost of living. Interestingly, the report tells that the largest employers in the state are Wal-mart, Safeway and King Soopers.
Local foreclosure activity continues its downward trend in El Paso County. For the month of June, there were 350 foreclosure filings according to the El Paso County Trustee's Office. This is down 7.9% compared to activity in June of 2009. One year ago, the trend was double digit increases monthly in foreclosure activity. It is time to officially declare the peak has come and gone for foreclosures in El Paso County! While there are more foreclosures to come as the market gyrates for the next two years, the trend will continue to stabilization. Nationally, there are still pockets of increase. One in 400 homes is currently being served notice of foreclosure activity. Our Colorado readers shouldn't get too comfy that this will cause home values to increase in the near future, inventory rates for the single family residential market skyrocketed this year and contract activity has plummeted the last sixty days. What happened? As the market seemed to improve, due solely to the Federal First Time Homebuyer Tax Credit, homeowners who were either on the edge of financial trouble or zealous in trying to sell to trade up, put their homes on the market desperately hoping to get a buyer. The trouble is that the buyers disappeared. The most challenging segment continues to be homes priced over $400,000 for which jumbo financing is required.
Our advice for sellers: be sure you understand the market and what it will take to sell your home before putting it on the market. Follow our market commentaries and schedule some time with our team.
