Denver Condos and Townhomes

Early this week, we posted here about a report from the Colorado Division of Housing showing mixed numbers for Colorado foreclosures in April. Yesterday, RealtyTrac released its report, showing a a slightly more positive number. According to this report, year over year numbers for Colorado foreclosures and related filings have dropped 15.5 %. 

While the reports don't match up, its interesting to see that both sources are showing a continued positive trend for both  foreclosure filings and sales.

From the Denver Business Journal:

The number of Colorado properties with foreclosure filings fell 0.88 percent in April from March and dropped 15.5 percent from April 2011, according to a monthly report Thursday from RealtyTrac Inc. RealtyTrac Inc.Latest from The Business JournalsForeclosures fall in Washington state, WestEau Claire area fares better in foreclosuresSt. Louis metro foreclosures up 28 percent Follow this company

The state had 3,709 properties with filings last month, or one out of every 597 housing units statewide, down from the March tally of 3,742 properties, or one in 591 properties, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

RealtyTrac ranked Colorado 11th among the 50 states for its foreclosure filing rate in April, down from 10th in March.

This continues the trend we've been seeing for several months painting a much improved picture for Colorado foreclosures when compared to recent years. In addition, our state tends to be ahead of the nation for both foreclosure recovery and general housing sales.

If you have questions or would like to talk about these numbers, give our team a call at 303-726-1874.

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Some more good news on Colorado Foreclosures came out today from the Colorado Division of Housing. Year over year foreclosure filings for March were down almost 50% and month over month filings dropped over 6%.

This squares up with what weve been seeing in the market and is a combination of several thing. The two main factors being: 1.) a slowly improving housing market and 2.) a rise in Denver short sales as bank make it easier for selelrs and agents to negotiate short payoffs. 

From Colorado Division of Housing: 

March Foreclosures in Colorado Metro Areas Plummet Almost 50%

New foreclosure filings dropped to a 31-month low in Colorado's metropolitan counties during March. According to a report released today by the Colorado Division of Housing, foreclosure filings fell 6.4 percent from February to March as lenders and servicers continued to process foreclosure slowly and as stability continued to slowly return to local real estate markets.

Comparing year-over-year, foreclosure filings fell 49.8 percent in March, and year-to-date comparisons show that for the period from January to March this year, foreclosure filings are down 30.9 percent as compared to the same period last year. There were 1,858 new foreclosure filings during March 2011 in Colorado's metropolitan counties, compared to March 2010's total of 3,698.

 Read the entire article and report.

If you'd like to talk more about the Colorado foreclosure market, Denver HUD homes or have any other questions, give our team a call at 303-726-1874.

 Metro Area Foreclosure and HUD House Searches:
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This is great news on Colorado Foreclosures from the Denver Business Journal:

 Steep Drop for Colorado Urban Foreclosures

There's good news on the foreclosure front for Colorado's cities: Both foreclosure filings and sales were down sharply in February.

The latest monthly report from the state Division of Housing, released Wednesday, covers Colorado's 12 largest counties.

It says that new foreclosure filings last month were down 34.7 percent from the same month of 2010, reaching a 30-month low, and were down 26.4 percent from January 2011.

Read more: Steep drop for Colorado urban foreclosures | Denver Business Journal

While some of this may be due to banks changing the way they are processing foreclosures, this is still fantastic news and more proof that the Colorado housing market is continuing to improve. 

As always, feel free to call our team with questions on Colorado foreclosures and the general Denver market at 303-726-1874.

Metro Area Foreclosure and HUD House Searches:
Aurora Foreclosures and HUD Homes, Arvada Foreclosures and HUD Homes, Brighton Foreclosures and HUD Homes, Broomfield Foreclosures and HUD Homes, Castle Rock Foreclosures and HUD Homes, Centennial Foreclosures and HUD Homes, Commerce City Foreclosures and HUD Homes, Denver Foreclosures and HUD Homes, Englewood Foreclosures and HUD Homes, Golden Foreclosures and HUD Homes, Highlands Ranch Foreclosures and HUD Homes, Lakewood Foreclosures and HUD Homes, Littleton Foreclosures and HUD Homes, Northglenn Foreclosures and HUD Homes, Parker Foreclosures and HUD Homes, Thornton Foreclosures and HUD Homes, Westminster Foreclosures and HUD Homes

When it comes to statistics for Denver homes for sale, it's all in the spin.

Take this Denver Business Journal article referenced below. The Headline reads"Home Resales Drop 8.5% in February from 2010." While that data is accuarate, buried in the acrticle is this nugget "Sales were up 3.4 percent between January and February 2011." That's important. Especially when you factor in the rush last year due to the first time homebuyer tax credit.

The artcile itself is decent and presents some good facts regarding Denver short sales and the first time homebuyer tax credit. In addition, it refenences the banks beggining to speed up the time table on short sales. However, a bit more analysis and some details on the inventory of Colorado foreclosures should be presented.

While the Denver maret isn't roaring back, it is on a steady, slow, march upward.

Here is a link to the entire article from the Denver Business Journal:

Home resales drop 8.5% in February from 2010

Home resales in metro Denver were down 8.5 percent in February from a year earlier, following a similar year-over-year decline in January, according to Metrolist Inc. data released Wednesday.

Read more: Home resales drop 8.5% in February from 2010 | Denver Business Journal

Those of us in the real estate industry have been watching this story develop. It will definitely impact Colorado Foreclosures, but will also have a major impact on the nationwide housing market.

The core of these negotiations is whether the government can force banks to reduce the principal on mortgage balances for home owners who owe more on the home than the home is worth.

There have been well documented abuses by lenders on home owners struggling with mortgage payments, and many accusations of frauds against banks for seizing these foreclosures fraudulently.

However, as you read the article, keep this in mind: If banks are forced to reduce the principal on loans they have already made, thus decreasing their revenue, where will they recoup those losses? It doesn't take a doctorate in economics to realize that costs will be passed on to new home buyers in the form of higher interest rates and fees. Those higher costs mean that the home buying power these new buyers have will be reduced. Ask yourself what that does to the real estate market.

You can read the entire article at the Washington Post:

 Government settlement with financial industry over foreclosure practices draws near

State and federal officials, who have been negotiating with financial firms over how to address widespread abuses in foreclosure practices, are moving closer to a settlement that could force banks to reduce the principal on mortgages for some borrowers who owe more than their homes are worth.

An official familiar with discussions between the government and the financial industry said the settlement also could require that banks increase their efforts to modify mortgages for distressed borrowers and pay penalties that could be used as restitution for homeowners who have wrongfully faced foreclosure.

Read the entire article.

It remains to be seen what impact this will have on Colorado foreclosures and homes in the metro area. Our team already has several Short Sale negotiators on staff to help you with Denver Short Sales. If you'r in a position where you owe more than your home is worth, give us a call at 303-817-0209, and we can talk to you about Short Sale options and help you understand the process. We do it everyday.

Metro Area Short Sales House Searches:
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The latest numbers on Colorado Bank owned homes came out today from the state Division of Housing. It's an interesting report and it shows a number of mixed numbers. Year over year number appear to be improving, however, the month over month number of foreclosures has increased.

If you have time, read the article and the complete report from the Division of Housing. It continues to llok like the Denver housing market is improving, but its still a bumpy ride. 

 From The Denver Business Journal: Colorado urban foreclosure sales down 22% from a year ago | Denver Business Journal

Foreclosure sales at auction in Colorado's 12 largest counties dropped 21.8 percent in January from a year earlier, the state Division of Housing reported Friday, but officials cautioned that the foreclosure surge of recent years probably isn't over yet.

Completed foreclosures in the state's urban counties totaled 1,499 last month, as compared to 1,917 in January 2010.

However, foreclosures sales in those counties were up 11.7 percent in January from the previous month's 1,342 - the second straight month-over-month increase.

 Like I said, read the entire article. If you have questions about Colorado Bank Owned homes, give our team a call at 303-726-1874.

Metro Area Foreclosure and HUD House Searches:
Aurora Foreclosures and HUD Homes, Arvada Foreclosures and HUD Homes, Brighton Foreclosures and HUD Homes, Broomfield Foreclosures and HUD Homes, Castle Rock Foreclosures and HUD Homes, Centennial Foreclosures and HUD Homes, Commerce City Foreclosures and HUD Homes, Denver Foreclosures and HUD Homes, Englewood Foreclosures and HUD Homes, Golden Foreclosures and HUD Homes, Highlands Ranch Foreclosures and HUD Homes, Lakewood Foreclosures and HUD Homes, Littleton Foreclosures and HUD Homes, Northglenn Foreclosures and HUD Homes, Parker Foreclosures and HUD Homes, Thornton Foreclosures and HUD Homes, Westminster Foreclosures and HUD Homes

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But let me tell you why you should take 30 seconds and "Like" our page:

1.) We won't waste your time: Our page will keep you informed of industry news that will impact you whether you are buying a home, selling a home, or just want to stay updated on the latest information in the local market.

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You can click here to see our new Facebook page:

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Check it out. I think you'll find it helpful as you continue to search for the right home for you.

As always, if you have any questions or suggestions, please don't hesitate to contact me: 303-817-0209. I love your input!

Take a look at this gorgeous Capitol Hill Denver Condo listed by our team.

This home is almost 2,000 square feet, has 3 beds, 3 baths, a basement and a 2 car attached garage!

Capitol Hill Denver Homes are in high demand, and this unit is one of the best. Give us a call today to take a look: 303-726-1874.

1011 pennsylvania
denver, CO 80203

$339,900.00 

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