But the city’s housing market will stage a turnaround in 2012 and become one of the nation’s best, according to a national forecast by Builder Magazine.

The Springs ranks No. 7 on Builder’s Top 20 list of healthiest markets the magazine is projecting for next year. Builder publishes its Top 20 list twice a year — once for the current year and another that looks ahead — in conjunction with parent company Hanley Wood, a real estate media and information services firm. Their projections use Moody’s Economy.com data, which focus on jobs, price appreciation, population growth and other factors that drive housing.

The Department of Defense’s major presence in the Colorado Springs area — which includes Fort Carson, Peterson Air Force Base and Schriever Air Force Base — will serve as a catalyst for the local housing market, Builder suggests.

“There’s light at the end of the housing market tunnel in Colorado Springs,” according to Builder. “The three biggest employers here, by far, are military bases, and the fourth biggest is the Air Force Academy. The return of troops from Afghanistan may further stimulate the housing market.”

Builder says Moody’s expects Springs-area home prices to climb 2.6 percent next year, while job growth will increase 1.4 percent, numbers of households will rise 1.8 percent and median incomes will jump 2.9 percent.

Those pluses come on the heels of a mixed-year for Springs housing, Builder says; in July, the magazine notes, year-over-year homes sales were up, the inventory of homes for sale was down and the local foreclosure picture had improved. However, prices have been down this year.

Builder’s outlook, which includes the new home and resale markets in the Springs, differs markedly from one presented earlier this month by the Southern Colorado Economic Forum. The forum’s forecast for 2012 suggests the Colorado Springs economy will fall back into a recession with the rest of the nation — citing, in part, a weak housing market that hasn’t recovered.

Still, being put in the national spotlight by Builder can only help the market, some local industry officials say.

John Cassiani, the incoming board president for the Housing and Building Association of Colorado Springs, said he sees the No. 7 ranking as a recognition of some positive factors: troops are on their way back to Fort Carson, the city maintains a strong defense and aerospace industry and the Springs never saw the volatile housing price swings that Phoenix, Las Vegas and other cities experienced in recent years.

Other positives for the new home and resale markets include rock-bottom mortgage rates and low prices. Some builders continue to offer incentives, such as free landscaping and finished basements, Cassiani said.

But Cassiani acknowledged local single-family home construction next year probably will only match the pace of this year, and won’t increase until 2013. The area still has to work its way through a backlog of distressed properties — foreclosures and short sales — that pose competition for homebuilders, he said.

Construction of apartments, however, should continue to increase next year; apartment vacancy rates have plunged to nine-year lows in recent quarters, and several multi-family construction projects are either under way or planned.

Of other Colorado communities included in Builder’s healthiest housing market outlook, Fort Collins-Loveland ranked No. 2 in the nation, while Denver was No. 10 and Greeley came in at No. 20.

Minneapolis-St. Paul was No. 1 in the magazine’s forecast for 2012.

By Rich Laden
THE GAZETTE

If your pcsing to the area or your already stationed at Fort Carson and you have thought about taking advantage of the local housing market then feel free to contact Ken Asher (719) 930-7817 to answer any question you may have. If your a first time home buyer there are programs to to help you get into a home without any money out of your pocket.

Click to Search foreclosures and bank owned homes

VA home loans are made by private lenders, such as banks savings and loans or mortgage companies. These loans are made to eligible veterans for the purchase of a home for their own personal occupancy. VA guarantees the loan to protect the lender against loss if the payments are not made.

These days conventional home loans are requiring you to put down 10% to 20% down on a home. That would be a minimum of $20,000 you would need to put down on a $200,000 home. With a VA home loan you put O down.  I don’t know about you but I would prefer to put O down on a home. Conventional loans also require you have PMI insurance which will add to your monthly payment. VA guarantees your home loan so you do not pay PMI insurance. When you use your VA you will pay a VA funding fee but it’s better than paying PMI insurance every month.

The lender I work with is very knowledgeable when it comes to VA loans. They will beat any other lender’s interest rates in the area. For more information feel free to contact me or just give me a call. Ken Asher (719) 930-7817

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I’m a Realtor with Keller Williams Partners Realty. I’m retired Army and have lived in the area since 1993.  Let me help you find a home you can afford.

Feel free to call me Ken Asher (719) 930-7817