Posted over 12 years ago

Colorado Foreclosures Hit 6 Year Low in July

The Colorado Division of housing released a report this morning detailing the 6 year low in sales of . However, while still positive news, the headline is a little misleading. Here are a few more details from the report (found here):

For the first seven months of the year, Colorado foreclosures filings were up 4.9% compared to last year
For that same period, foreclosure auction sales were down 28%
Among the counties surveyed, there were 865 foreclosure auction sales during July of this year, compared to 1,134 sales during July of last year.
“There were fewer than 900 auction sales during July, which is a long way from zero, but back in 2007 and 2008, we often saw more than 2,000 completed foreclosures in a single month,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “New foreclosure filings are down quite a bit also but numbers have been flat so far this year.”

We are seeing many banks make amuch stronger push helping troubled homeowners by making easier to obtain. Most of the major banks have drastically improved the process and short sales can happen in just a coupe of months.

If you are new to the market, it is important to understand that these numbers relate to the auction process and the sales reported for those transactions only. Most Colorado foreclosures listed in the MLS have gone through this process and are being offered directly from the bank. This is a confusing distinction, but an important one.

For more details on these number or to talk with one of ou experts about his market, give us a call at 303-726-1874. There are some great deals out there - especially on . HUD is offering a $100 down payment program for owner occupants that cannot be beat, but we don't know how long it will last.

Colorado Foreclosures Hit 6 Year Low in July

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