Colorado Foreclosure Filings
Drop to 2006 Levels
The Denver Post reported
today that the number of foreclosure filings in 2012 dropped to 2006
levels. Foreclosure filings peaked in
Colorado in 2009 to 46,394. In 2012,
there were only 28,579 filings.
This considerable drop is
accredited to many factors. Number one
is that more Coloradans are working than in 2006. Secondly, many homeowners were able to take advantage
of loan modifications with their lenders.
And finally, the real estate market in Colorado is very strong which has
caused a steady increase in prices across the state.
There has been an influx of
people moving to Colorado and yet the building permits have declined. This directly affects supply and demand in
our great state.
According to MLS, there are
only 6,581 single family homes today between $200,000 and $500,000 on the
market. That number is causing a frenzy
for buyers where they find themselves in bidding wars many times to acquire
their dream home.
What this tells me as a
Colorado Realtor is that this is the
perfect time for sellers to list their homes for sale. This is the perfect opportunity to get a fair
price and find a replacement home while interest rates are still low.
