Denver Foreclosures Have Come Down
May 18th, 2009
There has been a decline of about 46 per cent in the number of foreclosures in Denver in March 2009 as compared to the same period in 2008. This has been revealed by RealtyTrac. The area comprising Denver-Aurora area had the 60th highest foreclosure rate amongst 203 US cities.
About 7,250 homes in the city were in the process of being foreclosed — that translated to one in every 144 homes. The number is 22.28 per cent less than the figure in the fourth half of 2008 and 45.77 per cent less than the first half of 2008.
The Boulder region which ranked 122nd in 203 cities; had 356 homes in some stage of foreclosure. This meant one in 347 homes, which is 4.04 per cent less than the fourth half of 2008 and 20.18 per cent less than the first half of 2008.
In Colorado Springs, one out of 136 properties is facing foreclosure. According to RealtyTrac, about 26 cities with very high foreclosure rates are concentrated in Florida, Arizona, Nevada and California.
Las Vegas-Paradise, Nev had the largest number of foreclosures. Following closely were a number of cities like Merced, Calif., Stockton, Riverside-San Bernardino-Ontario, andCape Coral-Fort Myers. The study shows that the area with the highest number of foreclosures has been concentrated in small pocket. Here home prices have dipped very low and the region has become very attractive to first time buyers. Hence, sales activity has been noticed in the region.
Many other metros will experience foreclosure activity as unemployment levels rise throughout the country. Colorado came 12th in the country where foreclosures are concerned. This is 14 per cent less from the preceding quarter and 33 per cent less from the first half of 2008. Colorado’s foreclosure rate is the worst in the country for a year.
State officials however, feel that the foreclosure data has not been properly compiled as a result of which the figures are inflated. RealtyTrac, however, dismissed it saying there is nothing wrong with the methodology. A bill has been passed that will definitely standardize the process by which Colorado reports foreclosures. The bill was signed by Governor Bill Ritter on April 3 and it will come into effect within 90 days after the end of the legislative session this year. The session may end in May which means the law may become effective in August.
Search Repo Houses
- Massachusetts Repo Houses
- New Hampshire Repo Houses
- Oregon Repo Houses
- West Virginia Repo Houses
- Arkansas Repo Houses
- Florida Courts are Overwhelmed by Foreclosure Cases as Justices Mull Over Solutions
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
Related Posts
Posted in
Foreclosure |
No Comments »
Comments
Leave a Reply
Search
