When I am asked if I think sales will pick up significantly, my answer is that absent an artificially forced down interest rate or other Black Swan event, I think we are in for a much slower market going forward. All things considered, the mortgage is just too darn high.
Here's what I mean: this chart shows the last 30 years of average mortgage payments (Principal and Interest) for the last 30 years in the Pikes Peak / Colorado Springs region. In one image, it shows the current state of the market.
Unless prices fall significantly or rates fall significantly, both of which trigger second order effects themselves, our market is going to be slower for some time.
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