Fort Collins home prices could double-dip

Fort Collins is one of 24 housing markets across the nation that could see further declines in value despite recent increases.

According to the Zillow Real Estate Market Reports, weakness in the
fourth quarter could mean a “double dip” in home values for markets
that appeared to be on the mend. Fort Collins, with a 3.3 percent
increase in its home value index, was listed among the markets likely
to see a double dip in early 2010. Also on the list are Denver, Boulder
and Colorado Springs.

“While we have seen strong stabilization in home values during 2009,
there are clear signs that they will turn more negative in the
near-term,´ said Zillow Chief Economist Stan Humphries, in the market
report. “What we saw in mid-2009 was a brief respite from a larger
market correction that has not yet run its course. The good news is
that, for those markets that will see a double dip in home values
before reaching a definitive bottom, this second dip will not be a
return to the magnitude of depreciation seen earlier, but rather will
look more like a modest aftershock of the earlier downturn.”

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Zillow listed Greeley as one of five markets across the nation that is
already in a double dip. Greeley’s home value index declined 1.4
percent year-over-year.