NOTEBOOK – One Good Read: Housing market slows, as rising prices outpace wages

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Doesn’t the start of this story sound like it could be discussing Des Moines? “By nearly any measure, this city is booming. The unemployment rate is below 3 percent. There is so much construction that a local newspaper started a ‘crane watch’ feature. Seemingly every week brings headlines about companies bringing high-paying jobs to the area.” Nearly every business or city leader would say Greater Des Moines is booming; we’ve got a statewide unemployment rate of 2.5 percent; there’s a great deal of construction dotting the skyline. Guess what? This New York Times piece is talking about Denver — Colorado, not Iowa. It turns out Denver may have a problem: Home prices are too high for many wannabe buyers. Those buyers are looking to leave for other places with jobs and affordable homes. Leaders in Greater Des Moines have talked about the need for more affordable housing, which we’ve discussed in the Business Record. Other bigger cities are also in the same situation as Denver.