Our team watches the market for Castle Rock homes for sale very closely. Several of our team members live in and around the area and we are always looking for great deals on Castle Rock foreclosures for our clients. This task has become much more difficult this year, as the number of Castle Rock foreclosures and HUD homes has fallen drastically.
Where as last year HUD sold 27 single family home in Castle Rock, this year, HUD has sold just 2 Castle Rock foreclosures and there are only 3 under contract. While this declining inventory is happening for all Castle Rock homes for sale, it appears to be hitting Castle Rock foreclosures harder.
Some of this has to do with bank waiting to start foreclosure proceedings until legal ramifications were sorted out with the bigger lenders. This was cleared up last month and we may start to see more movement in the coming weeks.
While the supply of these houses is down, the demand for such homes is way up. Factors, such as the HUD $100 down payment program being offer on all Denver HUD homes, as well as the record breaking interest rates, have caused the demand for these Castle Rock foreclosures to be much higher than normal, and when a new foreclosure hits the market, bidding wars usually commence.
If you are looking in the Castle Rock market, make sure you get set up on our daily email alerts so you don’t miss the newest Castle Rock foreclosures and HUD homes. With the incredibly low supply, you have to move quickly to find the best deals. You can reach our team at 303-726-1874.