For those of you who will see this in newsletter form, I invite you to our blog site, www.colospgsblog.com. For those of you who are already within my blog, thanks for being here. I am writing a dual newsletter and blog this week.

It’s official that we are half way through the 2009 year and the year is shaping much like I expected. We are seeing foreclosures driving the market with over 2000 foreclosures filed and closed this year. We are seeing the medium sales price hovering in the high $170’s. That’s 17% lower than last year. Year to date there has been over 2600 single family home sales which is a little less than last year. Interest rates are remaining at near record lows. On July 1st I was quoted from 5 ¼-5 ¾ for owner occupied financing. This is still very low.

So what’s in the Maecker Team crystal ball? I expect foreclosures to remain a factor in the market. We will set a new record this year with over 5000 foreclosures. The good news is that investors and first time buyers will absorb these homes. Inventory will remain flat and prices will stabilize except above $ 400,000. In some pockets from $400-$1,000,000 there is a 3 year supply of homes.

Interest rates should also remain flat with some slight rising at year end. I expect by this time next year we should start seeing positive upward movement in most areas of the market. We will see a trickle up effect. This means 1st time sellers will buy up and the movement will continue up to around $600,000-$700,000. Those folks will probably sell and reenter and scale down.

My guesses are based on almost 25 years of experience and over 3600 homes sold. There are only a few of us in Colorado Springs with this extensive experience. This is and will be a market that requires experience and hard work. Already this year we have sold almost a 100 homes with 85 closings. We are doing great. The reason we are doing so well is referrals and hard work.

Please call and I can explain.