We’ve been writing on this blog for over a year regarding the low inventory of Colorado foreclosures. This morning, numbers were released that quantify just how low the inventory of these Colorado bank owned homes has fallen.
According to an article in today’s Denver Business Journal, foreclosures in February were down over 76% compared to February of last year. This is an enormous reduction in foreclosures and points to one of the biggest struggles investors are having finding properties in the Denver area.
From the Journal:
The number of residential foreclosures in Colorado last month fell by 76.31 percent from a year ago, while the national average was down just 32.71 percent, Inside Real Estate News reports.
The information for the real estate website’s report came from new figures from RealtyTrac, which counted 290 foreclosure sales in the state during February. Colorado was third — behind Vermont and South Dakota — for the largest year-over-year percentage decline in foreclosures.
There are still opportunities for investors looking for Distressed property in Denver, but you need to be working with a team of experts that can help you identify these homes quickly. Give our team a call today at 303-726-1874