Denver Condos and Townhomes

In line with all of the statistics we've been seeing on Denver homes for sale, the latest numbers for Colorado foreclosures show a decline in both filings and sales for the first four months of this year when compared to the same time period last year.

While foreclosures are not disappearing, there is a drastically lower number of both Colorado foreclosures and standard homes for sale. Number over the past months have indicated that overall inventory has decreased year-over-year by anywhere from 30-35%. This is causing prices to rise as buyers, especially in the sub $500k category, compete for homes. 

From the Colorado Division of Housing:

Over the same period, foreclosure auction sales were down 29.0 percent, dropping from 6,177 to 4,387. For the month of April alone, foreclosure filings were up 7.3 percent from April 2011 to April 2012 while foreclosure auction sales fell 36.2 percent over the same period.

From March 2012 to April 2012, foreclosure filings fell 10.8 percent while foreclosure auction sales rose 6.1 percent. Since 2008, March and April have tended to be two of the most active months for new foreclosure filings in Colorado, with totals in both filings and auction sales tending to drop off in May.

If you are interested in seeing the available Colorado foreclosures, give our team a call at 303-726-1874. With our expertise, we can still find you the best deals available. Let us know what you're looking for and we can set you up on a daily email alert so that you are notified each morning of new listings. The buyers that find new foreclosures quickly are usually the buyers who get the home.

The Denver metro area is quickly turning into a Sellers' market. If you are thinking of buying in the next year, you may want to move your timetable up!

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Denver Area Foreclosure and HUD House Searches:
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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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Denver Area Foreclosure and HUD House Searches:
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Some more great news on Colorado foreclosures this morning. There was a significant decline in year-over-year foreclosure filings between March of 2011 and March of 2012, sending another signal that the market for Denver homes continues to improve.

From The Denver Business Journal:

The number of Colorado properties with foreclosure filings rose 2.38 percent in March from February, but fell 21.9 percent from March 2011, according to a monthly report Thursday from RealtyTrac Inc. RealtyTrac Inc.Latest from The Business JournalsFollow this company

The state had 3,742 properties with filings last month, or one out of every 591 housing units statewide, up from the February tally of 3,655 properties, or one in 605 properties, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

We've been reporting for several months that all of the housing statistics continue to point in an upward direction. Year-over-year statistics in every category point to decreasing inventory and increasing prices. A decline in Colorado foreclosures of over 20% in a year is big news and is consistent with the numbers being reported by all of our sources.

We'll continue to watch the major indicators and report back here. In the meantime, if you'd like to talk with our team about Colorado foreclosures or the market in general, give us a call at 303-726-1874.

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Denver Area Foreclosure and HUD House Searches:
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Some interesting news on Colorado Foreclosures today. A bill was recently proposed in the state legislature that would have required lenders to prove that they had a right to foreclose on a home prior to initiating foreclosure proceedings. This bill was killed in the legislature, but backers are now trying to get it on the State Ballot for this November.

From The Denevr Post:

We'll be watching this proposed ballot initiative every carefully of the next few months. There is a hearing scheduled for April 6th at the Legislative Council. If it passes this first step, the proposal will need over 87,000 signatures to get on November's ballot. We'll keep you posted on this, and any other news for Colorado foreclosures.

In the meantime, if you would like to talk to one of our agents about Colorado foreclosures, HUD homes or any real estate issues, give our team a call at 303-726-1874.

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Denver Area Foreclosure and HUD House Searches:
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Some interesting news today, both nationwide and for Colorado Foreclosures in particular. There have been plenty of news stories and rumbling about the settlement being worked out between all of the states and the five largest mortgage lenders.

Today the settlement was announced, and it appears that Colorado will get $204.6 million in foreclosure releif funds. From The Denver Business Journal:

Under the terms of the settlement, Colorado, which served on the executive committee that oversaw the settlement negotiations, will receive:

· $73.3 million that will be available to grant principal reductions on loans to make a modification possible. Approximately 40 percent of these funds will also be available to ease the effects of foreclosure, including waiving deficiency balances, enhanced cash-for-keys payments and blight prevention;

· $52.5 million in cash to the state;

· $46.3 million worth of refinancing benefits to underwater borrowers; and,

· $32.49 million in payments to homeowners who lost their homes to foreclosure between January 1, 2008 and December 31, 2011.

The past mortgage modification programs have been spectacularly ineffective and it will be interesting to see if this program has any real impact. It may make some Denver short sales easier, but based on all of the past "government help," I wouldn't bet on this having a major impact.

We'll continue to post more information as it becomes available, but in the meantime, if you have questions on Colorado Foreclosures or Denver short sales, give our team a call at 303-726-1874.

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 Denver Area Foreclosure and HUD House Searches:
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The good news on Denver foreclosures keeps coming. The number of Colorado foreclosures reached the lowest level since 2006. The total number of foreclosures for 2011 show a 25% decline from 2010.

These number continue to correspond with the statistics and housing inventroy we've been seeing over the past year. Inventory number continue to decrease and we're finding the number of Denver HUD homes and foreclosures decreasing at a faster rate than the traditional resales.

From the Denver Business Journal:

Colorado foreclosures in 2011 reached their lowest level since 2006, the state Division of Housing reported Wednesday.

New foreclosure filings in Colorado, which may or may not lead to the auction of a home, last year totaled 31,914, down 25 percent from 2010 levels. Meanwhile, foreclosure sales at auction totaled 19,622 in 2011, down 17 percent.

Both totals were the lowest statewide since 2006, the report said.

While the decrease in foreclosures doesn't mean that things are going to improve overnight, these numbers serve to strengthen a trend we've been seeing for the past year.

As with all real estate, everything is local. If you'd like information on foreclosures in a specific neighborhood or city, give us a call at 303-726-1874. The numbers for Denver foreclosures can vary wildly from neighboring cities and areas.

More good news today on Colorado foreclosures and bank owned homes. Realty Track has a report, summed up nicely in The Denver Business Journal, detailing the 28.6% decline in foreclosure filings from 2010 to 2011.

While some of these numbers are a result of some banks facing legal issues and other process delays, it does square up with the lower foreclosure inventories we've been seeing on the market. When you add in some of the incentives that Fannie Mae and Denver HUD homes are offering, the inventory for these foreclosures is only going to diminish further.

From the Denver Business Journal:

Colorado saw a 28.6 percent decline in the number of properties with foreclosure filings in 2011 from the year before, but still had among the 10 highest foreclosure rates in the nation, according to a report Thursday from RealtyTrac Inc. RealtyTrac Inc.Latest from The Business JournalsOregon foreclosures down 40% in 2011Mecklenburg County foreclosure filings rose in December 2011 foreclosures down because of delayed filingsFollow this company

The state had 38,557 properties with filings in 2011, or one out of every 56 housing units statewide, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

As with all real estate statistics, everything is local. The term "Colorado Foreclosures" is a broad term and different areas of the state have been affected in different ways. If you'd like specific stats on an area or neighborhood, give our team a call at 303-726-1874.

Also, these statistics do not include short sales or other Denver distressed properties.

Denver Area Foreclosure and HUD House Searches:
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Some more good news for Colorado foreclosures this morning. The Denver business journal is reporting that Colorado foreclosure filings dropped over 20% from the previous month and over 24% from November of the past year.

We're seeing these numbers play out in a vastly decreased inventory of foreclosures for our buyers. While there are still some good deal available, you need to be able to move quickly and in many cases, outbid other buyers.

In addition, we're seeing Denver HUD homes moving quickly due to the recent $100 HUD down payment program. This is motivating many buyers who would normally not be in a position to buy.

From the Denver Business Journal:

Colorado saw sharp declines in the number of properties with foreclosure filings in November, both from the previous month and from November 2010, according to a monthly report Thursday from RealtyTrac Inc. RealtyTrac Inc.Latest from The Business JournalsHawaii foreclosures fall 27% in NovemberNortheast Florida foreclosure filings down 9 percentAlabama foreclosures drop 46 percent in NovemberFollow this company

The state had 3,773 properties with filings last month, or one out of every 575 housing units statewide, down 20.22 percent from the October tally of 4,729 properties, or one in 458 properties, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

If you'd like to talk to our team of experts about the Colorado Foreclosure market of Denver HUD homes, give us a call at 303-726-1874. We can set you up on a daily email alert of all new foreclosures so you don't miss any of the best deals on the market.

Metro Area Foreclosure and HUD House Searches:
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The Colorado Division of Housing released a new report today on Colorado Foreclosures. According to their data, new foreclosure notices in Colorado fell 27 percent from the same period in 2010.

Our team is seeing this data play out as the inventory of Denver foreclosures and Denver HUD homes continues to slowly fall. This decreasing inventory is reducing our clients choices on foreclosures and is drastically increasing the number ofr times our clients are forced into multiple bid situations on foreclosures. Our clients have been involved in more than half a dozen multiple bid situations over the past month.

From the Colorado Division of Housing:

Foreclosure filings fell to an 11-quarter low during the second quarter of this year, and although filings rose during the third quarter, they remain near 3-year lows. During the third quarter of this year, foreclosure filings totals were 35 percent below the peak in foreclosure filings reached during 2009. The year-over-year decline in foreclosure filings and in auction sales reflects an ongoing trend that began in late 2010.

If you'd like more specific data for your neighborhood or any area you are thinking or purchasing in, give our team a call at 303-726-1874. We can help you with all of the available foreclosures available and help educaate you on the different types of foreclosures and the process to place bids and make offer.

Some more good news on Colorado Foreclosures came out yesterday in the Denver Business journal.

Citing a report from the Colorado Division of Housing, August was the 9th straight month that both filings and sales of Foreclosures were down compared to the same month last year.

The article does go on to site a jump from July to August. It will be interesting to see if this bump was a one time anomaly, or a sign that banks are starting to become more aggressive in the pursuit of delinquent homeowners.

From the Denver Business Journal:

August was the ninth consecutive month in which both filings and sales were down compared to the same month a year ago, state officials said.

Foreclosure filings for the year through August fell 31.4 percent, to 16,481 filings, compared with 24,032 filings during the same period last year.

Foreclosure sales at auction were down 18.5 percent, to 11,502, from January through August, compared with 14,114 during the same period last year.

But foreclosure filings in August jumped 32.4 percent from July, hitting a six-month high and signaling that the state may see an upward trend in foreclosures.

If you'd like to learn more about Colorado foreclosures, HUD homes or the real estate market in general, give our team a call at 303-726-1874.

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Metro Area Foreclosure and HUD House Searches:
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