RealtyTrac released a report today detailing the decline in the sale of Colorado foreclosures in the first quarter of 2012 compared with the first quarter of 2011. While foreclosures are accounting for 30 percent of all residential home sales in Colorado, that number is down 13.5% from the same time period last year.
From The Denver Business Journal:
Foreclosure-related sales accounted for 30 percent of all residential home sales in Colorado in the first quarter, but foreclosure sales were down 13.5 percent from the first quarter of 2011, according to RealtyTrac’s quarterly foreclosure sales report released Thursday.
The state tallied a total of 6,695 foreclosure sales in the first quarter, with an average sales price of $178,274.
The average sales price of U.S. homes in foreclosure or bank-owned was $161,214 in the first quarter, down 2 percent from the first quarter of 2011.
The first-quarter average sales price was 27 percent below the average sales price of homes not in foreclosure or bank-owned during the quarter, down from a 29 percent foreclosure discount in the first quarter of 2011.
The entire report is worth a read as it compares Colorado foreclosures with other states in the nation.
The decline in foreclosures has been even more pronounced in the under $300,000 price range. Our team is seeing a rapid decline in the number of foreclosures available for our clients. Over the past several months, many of our clients have been forced into bidding wars – especially on Denver HUD homes.
If you are interested in considering Colorado foreclosures, make sure you get signed up with our daily foreclosure and Demnver HUD homes alerts by email. You can contact our team to get set up on our system at 303-726-1874.