Some very positive news came out today from the Colorado Division of Housing regarding Colorado Bank Owned homes. Foreclosure filings for May of 2013 were half of what they were in May of 2012. On top of that, auction sales of Colorado foreclosures fell by nearly 25% as well.
This marks the lowest level for foreclosure filings in Colorado since 2007 and mirrors what our team has been experiencing across the front range as we struggle to find homes for our buyers.
From The Denver Business Journal:
New foreclosure filings in Colorado’s urban counties dropped in May to less than half their level of May 2012, the Colorado Division of Housing reported today.
And foreclosure auction sales dropped by 25.4 percent last month from a year earlier in urban counties, officials said.
Both foreclosure filings and sales are now at their lowest levels in Colorado’s metro areas since the state began tracking those numbers in 2007, based on a six-month moving average.
For the first five months of the year, foreclosure filings were down 43.4 percent from the same period of 2012 and foreclosure sales were down 29.4 percent.
“The decline in foreclosure activity has clearly accelerated since the beginning of 2013,” said Division of Housing economist Ryan McMaken. “And a downward trend is likely to continue as long as employment is stable and we continue to see low mortgage rates.”
The market for Denver foreclosures and Colorado Springs foreclosures has been fierce. Bidding wars are virtually guaranteed for most homes and you need to make strong offers and have a knowledgeable agent working for you. We are still seeing bank owned homes from HUD, Fannie Mae, Freddie Mac and other lending institutions, so make sure you have an agent that is familiar with the ins and outs of each bid submission process.
Give our team a call at 303-726-1874 (719-641-4209 in Colorado Springs) for a thorough explanation of the differences of each.