Colorado Real Estate Foreclosures
Source: Jason Murphy - United States
If Georgia is the top state for real estate frauds, Colorado real estate steals the spot for being with the most foreclosures. Colorado has the distinction of having the highest number of foreclosed homes in the nation for the second consecutive month. This is the latest sign that the weak, lower-priced housing market continues to plague the economy. The RealtyTrac Inc. report shows that since April, 3,706 homes in Colorado were in state of foreclosure. That translates to a ratio of one of every 494 households in foreclosure. The national average is one of every 1,268 households.
Colorado real estate retained the No. 1 spot even though the rate of foreclosures dropped by 31 percent from March, when 5,392 homes were in foreclosure. There is a disaster driving the high rate of foreclosures, said Mary Wenke, public trustee of Arapahoe County. In April, Wenke's office opened 436 foreclosures, compared with 288 in April 2005. Wenke insisted adjustable rate mortgages, whose interest rates are starting to rise, will mean even more foreclosures in coming months. The factors driving the numbers include a record excess of unsold homes in the market, homeowners' huge credit card debts, pre-payment penalties, mortgage fraud, and bankruptcies.
Wenke asserts that foreclosures are just stages in a vicious cycle and affected by unemployment. She adds that the foreclosure rates negate the government claims of a stronger economy. The head of Colorado Real Estate Center, Byron Koste affirms the statement by Wenke. Koste says that the rising foreclosure rates should serve as a red flag for the economists that are claiming economic strength. Koste adds that foreclosures are more frequent among entry-level housing market. Events like these usually throw real estate businesses off because consumers are more hesitant to buy houses.
However, Cherrywood Properties' Ben Fielder claims that it is unfair to categorize the whole of Colorado real estate as foreclosure haven. He asserts that the foreclosures are primarily concentrated on the northeastern side of Aurora and Adams County. He even claims that real estate is on a steady rise and that people are more excited than ever to buy their own Colorado home. The only problem he sees is that there are over-enthusiastic buyers who get loans and mortgages that they cannot manage.
Whether you decide to buy Colorado real estate or not, it's up to you. The place is good, with nature and a vast selection of prospective homes. The government also provides good public service. Just mind what Colorado real estate experts like Wenke, Koste, and Fielder have to say -- do not buy homes you cannot afford. Lenders and banks won't have second thoughts in taking it back if you can't pay for it.
About the Author
For more valuable information on Colorado Real Estate, please visit http://www.cheryljordan.com
Next: Property Foreclosure: An Ideal Investment
Previous: Secrets To Buying A Foreclosure Home
|
|
Tax Sale Property Listings
Canada:
Ontario Tax Sale Properties - Kindle Versions
2010,
2009,
2008,
2007,
2006,
2005,
2004
Alberta Tax Sale Properties
2010,
2009,
2008,
2007,
2006,
2005,
2004
New Brunswick Tax Sale Properties
USA:
New York Tax Sale Properties
Texas Tax Sale Properties
Sheriff's Sales
Ontario Sheriff Sales Properties
Ontario Tax Sale Research
Listing by Date
Listing by Counties, Listing by Districts, Listing by Regions,
Listing by Single Tier
My Properties
|
|
