The market for Colorado bank owned homes is shrinking in a big way. The latest numbers from the Colorado Division of Housing are out showing a 41% drop in statewide foreclosure filings and a 30% drop in completed foreclosures. These numbers are big and represent the rapidly shifting state wide housing market.
We’ve seen the numbers for Denver foreclosures and Colorado Springs foreclosures declining, but we were not expecting numbers this dramatic. Rising home values and the improved short sale processes have all contributed to helping at risk homeowners sell their homes with less trouble. We’ll see what the second quarter holds.
From the Denver Business Journal:
Both new foreclosure filings and foreclosure auction sales across Colorado fell in the first quarter to their lowest levels since state tracking began in 2007, the Colorado Division of Housing reported today.
And housing division officials project continued sharp declines in foreclosures for the rest of 2013.
The state tallied 4,571 foreclosure filings in the first three months of 2013, down 41.3 percent from the same period of 2012.
And completed foreclosures statewide totaled 2,935 in Q1 2013, down 30.5 percent from the year-ago quarter.
There are still many great deals on the market for Colorado Springs and Denver foreclosures, but you need to be ready and able to move quickly. If this is a market you would like to explore, contact one of our experts at 303-726-1874 (719-641-4209 for Colorado Springs). We ca educate you on he different types of bank owned homes (Fannie Mae, Freddie Mac, HUD, etc) and help you find the best values on the market.