Like clockwork, a chance of rain or snow and cold are in the forecast for Colorado Springs Halloween again. It is the darndest thing, but it happens almost every year. And if the doesn't rain or snow on Halloween, it does within a few days before or after. Even the ski resorts tend to use the week of Halloween as their target opening (at least the ones with much snowmaking capability).
This week is also the week when the monthly real estate statistics normally come out. We are finally below 6600 units for sale in Colorado Springs, but that is not great, since sales for October will be around the 700 units mark, making for just under a 10 month supply of homes for sale. An article published today on Yahoo mentioned that lower interest rates will not help the current problems, but at least here, I kind of disagree. Lower rates should expand the pool of buyers, allowing some of this inventory to get sold and get us to more normal levels, and even allow some of those who need to sell because they are in trouble, a way to get out without going into foreclosure. The problem (as I see it), is that the rate cuts at the Fed are not trickling down to mortgages. The market is already assuming the 1/4 point cut will be made today, and mortgage rates are still at the same level they were before the first cut, if not slightly higher. I know there is an argument that qualifications, not rates, are keeping people out of the market, but I am not sure that is really the case.