President Obamas Reelection And The Denver Housing Market

Colorado residents have witnessed a variety of issues debated in the weeks and months preceding the reelection of President Obama on November 6th. However, current Denver homeowner’s as well as those considering purchasing Denver real estate in the future should begin to consider what the election results mean to them. The Denver housing market has gained stability and momentum throughout 2012 with sales increasing, home values appreciating, and available inventory shrinking. In fact, the Denver, Colorado housing market is considered to be the second strongest in the nation.

Despite improvements, Colorado’s unemployment rate is currently hovering at 8%, a figure that is aligned with the rest of the nation. The long term stability of the Denver real estate market is directly tied to the job market. As news of President Obama’s reelection spread on Tuesday November 6th, the U.S. dollar lost strength which economists believe is a sign of reduced uncertainty. As a result, other world markets are beginning to liquidate more of their stocks. While Colorado’s economy is currently recovering and growing at a small rate of 2%, this margin of progress is still reflects an uncertain future economically.

Denver home buyer’s are benefiting from incredibly low mortgage rates, with the average rate on a 30-year fixed at 3.39% on Election Day. While diminishing mortgage rates are a strong incentive for Denver residents to invest in real estate, they are also a sign that the U.S. economy is not in a optimally healthy condition.

As the 2012 presidential election came and went, Denver home owners are left without much information on President Obama’s plan for improving the housing market. In his previous term, President Obama instated the Dodd-Frank Act in the wake of the housing market collapse. This legislation created hundreds of new rules for lenders. At the beginning of President Obama’s second term, it has become clear that leaders in Washington must finalize a budget by the close of 2012 or the Bush tax cuts will expire and the American economy may be at serious risk for another recession.

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