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New Wave of Colorado Bank Owned Homes Coming?
Those of you paying attention will remember the $25 billion robo-signing lawsuit that was settled a couple of months ago. Many in the real state industry have been saying for many months that the uncertainty surrounding that lawsuit was causing banks to hold back on filing the paperwork on new Colorado bank owned homes.
It remains to be seen how many Colorado foreclosures are really in the pipeline. And to be honest, the inventory of available homes for buyers is 30%-40% lower now than even a year ago, so the market in general could use a modest influx of new inventory. Currently, we're seeing multiple bidder on almost all available Denver HUD homes in decent shape priced well.
The Denver Post has a decent article summing up the situation:
Despite reports of a thawing housing market, yet another wave of foreclosures appears to be looming, real estate records filed in multiple metro-Denver counties indicate.
The recording of deed-of-trust assignments in Colorado — the ownership rights of mortgages and the ability to foreclose on them — has more than doubled in the first five months of the year compared with the same period last year, The Denver Post has found.
Read more: Colorado could be facing a new wave of foreclosures - The Denver Post http://www.denverpost.com/portal/business/ci_20895107/colorado-could-be-facing-new-wave-foreclosures?_loopback=1#ixzz1yMz4xBS1
Read The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuse
It's worth reading the entire article as it will give you a range of opinions and scenarios for the Colorado bank owned homes market. Again, an increase of inventory would help many buyers out right now, but it remains to be seen how many actual foreclosures will be listed.
One other thing to consider is that many more banks are working with delinquent homeowners to work out a short sale rather than have the home go through the expensive foreclosure process. These banks have been working with many of our clients pursuing Denver short sales and the entire short sale process has been rapidly increased with many of the major banks.
If you would like to talk more about this complex situation with one of our experts, give us a call at 303-726-1874. Our Colorado foreclosure and Denver short sale experts can guide you through the complex real estate market.
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