More news today on Denver Foreclosures confirming what we've been reporting regarding inventory of Denver homes for sale. While filings were up slightly, the actual sale of these filing fell to a five year low.
Some of this has to do with banks allowing homeowners to sell homes as short sales or renegotiate their mortgages. But quite a bit has to do with the improving housing market and the plummeting (down 39% year over year) inventory of Denver homes for sale.
From the Denver Business Journal:
Foreclosure filings in Colorado’s urban counties were up slightly in February from a year earlier, but foreclosure auction sales fell to a five-year low, according to a report Wednesday from the Colorado Division of Housing.
New foreclosure filings in the state’s metropolitan counties rose 3.5 percent year-over-year in February, to 2,056 filings from 1,986 in February 2011.
Yet foreclosure sales were down 6.7 percent in February from a year earlier, dropping to 1,248 sales from 1,338.
Again, we're seeing fewer and fewer Denver foreclosures on the market and a resulting drop in sales. there are still several good deals on the market, but the number of Denver short sales and foreclosures are falling quickly.
If you would like to learn more about foreclosures, short sales or the market for Denver distressed properties, give our team a call at 303-726-1874 today. With the $100 down program being offered on Denver HUD homes, in conjunction with the record low interest rates, this is an unbelievable time to buy a home.