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The news is out. As reported by John Rebchook last week, the state recession is over and a double dip in prices in Denver is unlikely. Yet the “double-dip” is likely to affect other home markets in other metropolitan cities. Mark Snead, Vice Pres and Economist for the Fed Reserve Bank of Kansas City-Denver branch, said the recession is over during the 18th annual Colorado’s Economic Forecast Breakfast hosted by Vectra Bank .

Snead had said that the housing and construction markets still hold back the Colorado economy and the nation.

A few of the bulletpoints about the real estate market from the meeting from Snead and Patty Silverstein chief economist for the Metro Denver Economic Development Corp:

Denver new home building in 2010 came closer to zero growth yet nationally builders still constructed more homes than there were buyers.

Patty Silverstein said the supply and demand for new homes are much closer in the Denver area, and may indicate that it is soon time to start building more homes in the Denver area

Snead said that the number of sales needs to pick up before home prices can rise.

A few of the bulletpoints about the economy include:

Colorado is lagging the nationwide trend in job creation

Colorado still is down about 145,000 jobs from its peak annual employment in 2008

Denver the median prices last year, were up about 6-6.5%

Silverstein projected that Denver-area closings will rise about 9.5% this year

Last year closings fell to their lowest point in more than a decade

If you're looking for more about the housing market be sure to read John's Inside Real Estate News articles