July 31, 2009
The first impacts of the national housing crisis weren't felt in Steamboat Springs until fall 2007. When the repercussions of subprime lending, bank failures and the contraction in consumer spending were fully realized in Ski Town USA in spring 2008, they touched every aspect of the local economy. Declining home sales and construction, the increasing rate of foreclosures, dwindling restaurant and retail receipts and worker layoffs were all evidence of how the local real estate economy had become a House of Cards.
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