The cooler weather of today (I don't think we broke 80), makes a nice break in a little bit of a heat wave. Colorado Springs can be hot, for at least part of the day, and it was nice to really avoid that today. Colorado Spring Utilities I am sure was appreciative as well.
The stock market set a high last week, and promptly retreated almost the whole distance it had gained this year within the next week. It will be interesting to see how it all sorts out, but from the perspective of a Realtor, it seems like the exuberance of the stock market has certainly not been based on what is going on in the housing industry. While interest rates have remained in the mid 6's and unemployment is low, homes sales have continued to lag. The news suggests it may even be 2009 before it turns around, but in Colorado Springs I don't think it will take that long, for several reasons.
1. The new troops will eventually come to Fort Carson as we begin to draw down forces in Iraq
2. The Colorado Springs market never really experienced a huge runup in prices, and remains at or below the national average for housing.
3. Local employment should begin to grow more robustly
If any of us really knew for sure what was going to happen when, we could make a fortune doing other things, but my bet is that 2008 will see an improving market here, as inventories shrink to healthier levels. While we have 7132 homes for sale as of today, by this time next year I hope to see that number drop by a couple of thousand.