The Denver Post has an article on their website that Colorado Foreclosure Filings are up 7% for February compared to February last year. In addition, Foreclosures in 12 counties are 14% higher than 1 year ago but 14% lower than 2 years ago.
So what does this mean?
As with any market drop, coming back up to “normal” may take a little time. The ride is never smooth and a solid increase in price (like we’ve had recently) is usually followed by a small fall as the market tries to stabilize.
While the market is not going to dramatically improve over the next few months, it is getting better. Slowly.
In addition, we’ve seen many first time home buyers purchasing these homes as well as Colorado Fannie Mae homes. These buyers are using incredible mortgage rates coupled with the first time homebuyer credit that are available.
Here are the important links for more information: