Colorado Real Estate News - Denver Colorado Homes for Sale
Quality local news and information from professional Colorado real estate brokers who know their stuff. Local real estate news, information and listings for Colorado, authored by Denver real estate company Legacy Real Estate Brokers, Inc. and edited by RISMedia.Denver Real Estate | Record Number of Foreclosures
Denver Real Estate | Record Number of Foreclosures
Denver’s number of homes in foreclosure is about 3.65, which could mean breaking a record set back in 1988. Approximately 3.6% of the homes in the seven counties of Denver are in foreclosure compared to 3.8% in 1988. On the positive side our experts at Legacy Real Estate Brokers Inc. feel this along with exceptional mortgage interest rates has made right now a great time for a first time home buyer, investor or just anyone looking for an equity opportunity at these foreclosure levels.
Not surprising is that Adams County leads the area in number of foreclosed properties at about 5.9 % topping their previous record of 4.1 % in 1988. In most cases homeowners were forced to surrender their properties to the banks because they were unable to pay exorbitant payments due to inappropriate adjustable rate mortgage changes.
Property repossession by the banks and other financial institutions rose 90% from the same period just last year. Total overall foreclosure filings, which include default and auction, notices as well as bank seizures increased by almost 60% from the same period last year. In the past many homes became close to going through foreclosure process but managed to avoid total repossession. At this time many more homes are going through the whole process and becoming bank owned foreclosures. More then 233,000 properties went through the foreclosure process last month alone.
Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.
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About Local Author
Denver Colorado real estate experts Legacy Real Estate Brokerage, Inc. is a full service Colorado real estate firm specializing in Colorado real estate for sale including purchasing a Colorado custom home. They have outstanding brokers who are highly familiar with the neighborhoods, communities and lifestyle options available throughout the Colorado Real Estate market.
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Very cool post….