Bargains galore amid denver downturn

International investors can find plenty of property bargains in Denver, Colorado…

A survey by Forbes magazine reveals the following about Denver:

• Median price: $230,100
• Percent Change: -6.3%
• Unsold homes: 21,756
• Sales rate: 2.9% per month

The magazine commented: “Colorado ranks as one of the worst states for foreclosures due to stretches between Denver and Colorado Springs--many of which are part of the Denver metro--that were overbuilt and are now suffering high default rates.

“The good news? Jobs are still growing here by 1.8% in year-over-year terms, even as the national economy heads into a downturn”.

With the continued strength of the pound against the dollar, the potential for snapping up property bargains is immense. And with jobs growing, rental demand could increase as US employees who do not want to buy in the current market look to rent instead.