Denver among the healthiest markets in largest 30 cities
The Consumer Distress Index, a quarterly report published by the credit counseling agency CredAbility, revealed that the recent improvement in the national housing market has contributed to consumers getting out of financial distress, according to a recent article in The New York Times. Those looking at real estate in Denver could be especially interested to know that the report additionally covered major metropolitan areas, and Denver was noted to be among the healthiest metros in the country.
The index reflected the most positive numbers in roughly four years.
According to Mark Cole, CredAbility's executive vice president and chief operating officer, the main driver of the improved position of consumers' financial conditions this quarter was housing. He said, "Late payments on mortgages reached a three-year low, and housing costs dropped as many homeowners cut their payments by refinancing."
Other observable trends include the average household keeping a "tighter rein on its budget," a record high savings rate for the year and a rise in net worth.
Another August article, in the Denver Business Journal, detailed that the Metro Denver Economic Development Corp observed "positive signs" in Denver's housing market, the commercial real estate market and employment.