News photos gallery
House of Cards Part 2: The Mortgage Market Folds
Mortgage broker Ed Allbright talks about the collapse of the housing market in Steamboat Springs and its impacts on his business, and on his life.
Mortgage broker Ed Allbright
Mortgage broker Kathy Arce looks back on the explosion of the real estate market in Steamboat Springs and its subsequent fall. These days Arce supplements her income as an independent contractor for the gourmet foods direct sales company Tastefully Simple.
Mortgage broker Kathy Arce
David Baldinger Jr., a real estate agent with Steamboat Village Brokers
David Baldinger Jr., Real Estate agent with Steamboat Village Brokers
Joe Birkinbine, owner of ATP Financial Services, cleans his new, used Ford truck with a little help from sons Brooks, front, and Grant. Birkinbine passed on a new car in favor of a quality used truck that he says fits his needs just as well.
Joe Birkinbine, financial planner
Slower sales haven't stopped Lisa Idzahl from making sales at Steamboat Motors. She has been the top sales person four of the past six months. Steamboat Motors owner Jeff Steinke admits that sales of new vehicles have dropped - something he thinks is the result of a drop in consumer confidence in the economy.
Jose Rodriguez works inside of a custom home being built by JSM Builders in Steamboat Springs. The crumbling real estate market in Steamboat has impacted the company, but many employees have remained busy working on projects that were started before the market began to slide.
Erik Griepentrog, owner of Landmark Consultants, holds his oldest son, Connor, while he sits at the dinner table with his wife, Lori, and youngest son, Casey. The economy has hit home for the Griepentrogs, who have had to cut back at the office and around the house.
Young Casey Griepentrog plays with his toy mower in the backyard of the home his parents own in the Silver Spur subdivision in Steamboat Springs. Erik and Lori Griepentrog had hoped to sell the home and move into a larger home in the Steamboat area. However, the economic times have convinced the family to stay put - at least for the time being.
Erik Griepentrog, home and business owner.
Jeremy MacGray, of JSM Builders in Steamboat Springs, reflects on the ups and downs of the current housing market and the way JSM Builder has adjusted in the past year. MacGray said his company has shrunk but that it has also become more efficient in the way it spends.
Jeremy MacGray, builder
John Kerst, director of business development
Mike Larson, a former vice president at Mountain Valley Bank, talks about the rise and fall of the housing industry in Steamboat Springs. Larson, who used to sell mortgages, said he left the banking business at the end of 2008 because he saw the tough times ahead and now plays the stock market as a day trader.
Ren Martyn, developer
Ren Martyn, developer of Red Hawk Village in Stagecoach, talks about how the economy impacted the project in Stagecoach.
Renters Matthew and Jessica Farrington pack their suitcases before moving back to Australia, where Matthew is from. The Farringtons had hoped to buy a home in Steamboat Springs, but they could not afford a home when the market was hot, and now that things have slowed, they can't qualify for a loan.
Renters Matthew and Jessica Farrington pack their suitcases before moving back to Australia, where Matthew was from. The Farringtons had hoped to buy a home in Steamboat Springs. However, they could not afford a home when the market was hot, and now that things have slowed, they can't qualify for a loan.
Renter Matthew Farrington
Mark Scully of Green Court Partners
Mark Scully of Green Court Partners
Homeowner Julie Spitzley
Jeff Steinke, manager of Steamboat Motors
Investors purchased many of the lots in the Red Hawk Village and were hoping to make money in the growing community of Stagecoach. But when the housing bubble burst, many investors were forced to sell for less than they wanted. The bust also presented a unique opportunity for many families in the valley looking for affordable alternatives.
