Some more news late last week on the severely decreasing number of Colorado foreclosures being filed and sold this year. In 2012, Colorado foreclosure filing dropped 40% compared to the same time period last year. This is inline with the overall decrease in inventory we’ve been writing about on our blog for the past several months.
From The Denver Business Journal:
Colorado foreclosure filings and foreclosure auction sales were both down in the first quarter from a year earlier, with foreclosure sales dropping nearly 40 percent in Denver and Douglas counties, according to a report released Thursday by the Colorado Division of Housing.
New foreclosure auction sales statewide were down 25 percent in the first quarter compared with the same period last year, and new foreclosure filings were down 3.7 percent.
The state reported 4,221 foreclosure auction sales, or completed foreclosures, in the first quarter, compared with 5,605 sales reported during the same period of last year.
This declining inventory (of both Colorado Foreclosures and all available Denver homes for sale), is resulting in a severe shortage of available homes for buyers – especially in the under $300,000 price range. We’ve had countless clients over the past few months get forced into a bidding war on a home that would have sat on the market for 6 months or longer just a year agho.
If you are interested in getting a good deal on Colorado foreclosures, there are still great values to be found, but you need to be able to find, and offer on, a home very quickly. We highly recommend calling our team to get set up on a daily alert of foreclosures and bank owned homes so you can be among the first to know when a new home hits the market. You can reach us at 303-726-1874.
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