PRICES: We've visited with real estate brokers we know from coast to coast. They all share a common view. Prices are coming down. San Diego is down 40% as is Florida. Los Angeles is even worse. Does this national trend affect us? Sure it does. Our real estate market, in large part, has been supported by the ability of people in large metropolitan markets to borrow on their home's equity to purchase vacation or investment properties in Durango and the surrounding area. This source of funding is drying up - fast. We're feeling its effect locally. Over the last several days we have received at least two dozen emails from brokers notifying us of price reductions on their listings. Because Durango is a unique and special place we don't foresee a major downturn here; but it is increasingly obvious that the days of 20% annual value increases are over (at least for now.)
http://HomesInDurango.com
http://DurangoRealEstate.biz
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