Denver Foreclosure Slowing

The Housing Bubble

With the burst of the housing bubble in recent years, many homeowners had the living nightmare of seeing their home’s value plummet, having difficulty repaying mortgages, having difficulty selling their property, or facing foreclosure. However, after many banks and lending companies cleaned up their lending processes, the new trend in the Colorado housing market is seeing the rate of foreclosures drop.

According to a report done by the Colorado Division of Housing, the third quarter is seeing the fewest new foreclosures since 2006. The entire year can end with fewer filings than last year but there could be many that are pending that won’t be counted.

Colorado reported 8,026 new foreclosure notices in the third quarter and 4,627 sales of those homes at an auction; a sold property at an auction is the final step in the foreclosure process.  In well-populated metro counties, such as Adams, Denver and Arapahoe, they are seeing declines of about one-third in new foreclosure filings.

All around the country, investors are seeing an opportunity with all of the foreclosures popping up around the country; many investors are buying single family foreclosed properties like these ones on http://realestate.msn.com/for-rent-foreclosed-owners-welcome and renting them out to those who used to own. Many who have been foreclosed on would rather rent a single family home then have to go back to apartment living, so the situation is proving beneficial for both parties.