Lower Mortgage Rates May Boost Dismal Local Market ; Foreclosures Hit Second Straight Annual Record

Summary

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Housing in the Colorado Springs area suffered through one of its worst downturns in recent memory during 2008, as homebuilding slowed to a pace not seen in nearly two decades, and foreclosures climbed to a second straight annual record.

But if there's hope for the homebuilding industry in 2009, it's that mortgage rates have dropped sharply, said Ralph Braden, this year's board president of the Housing and Building Association of Colorado Springs. Nationally, 30-year, fixed-rate loans averaged 5.1 percent this week, according to mortgage giant Freddie Mac.

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Lower Mortgage Rates May Boost Dismal Local Market ; Foreclosures Hit Second Straight Annual Record

"When you look at the signals that would help us see an improvement, interest rates are more favorable," said Braden, a vice president with Nor'wood Development Group in Colorado Springs.

At the same time, Braden said, thousands of troops are expected to arrive at Fort Carson thi...

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