Archive for 'Colorado'

News of home sales from Denver foreclosure listings in the first months of 2009 has been very encouraging.

In April, sales of condominiums in the Denver metro area rose by 11 percent from March levels, outpacing single family house sales, which improved by only about 5 percent.

According to Metrolist Inc., which handles foreclosed homes list and the city’s Multiple Listing Service in the area, total house sales rose in April by 5.74 percent to 3,390 units, compared to March. But when compared to April 2008, total home sales fell by 20.5 percent.

All the figures were for sales of previously owned homes, including units from foreclosure listings.

Sales of condos increased in April to 684 units, compared to the 616 units sold in March. In March, the pace of sales increase was 29.4 percent, compared to February.

Condo sales prices also improved, with the median price increasing to $130,000, a rise of 1.17 percent from March. About 58 percent of the condos were sold in the price range of $110,000 to $300,000.

Even so, compared to April last year, condo sales fell by 25 percent and the median sales price dropped by 3.35 percent.

Meanwhile, single-family house sales increased from March levels by 4.48 percent in April to 2,706 units, with the median sales price rising to $210,000, a jump of 2.97 percent. A little over 58 percent of the single-family house sales were priced between $110,000 and $300,000, based on data from Re/Max Professionals.

Compared to April 2008, single-family house sales declined by 19.3 percent, with the median sales price dropping by 5.64 percent.

Another positive sign in the Denver market is that homes took a shorter time in getting sold, decreasing by 3.77 percent the number of days a property stays in the market to 102 days.

In another encouraging report from Your Castle Real Estate LLC, the sales of homes from foreclosure listings increased by 29 percent in March, compared to sales figures in March 2008. Lon Welsh, owner of Your Castle, said most of the sales from foreclosure listings were in the lower price ranges.

From January to February 2009, sales of homes from foreclosure listings in most areas of metro Denver increased, compared to distressed sales in last year’s first two months, with the highest number of distressed sales occurring in Greenwood Village.

According to a recent report, Colorado came in at the 5th highest spot when it came to foreclosure rates across the country in 2008’s second quarter, with 1 foreclosure filing in every 129 homes. Nevada, for the same time period, had 1 foreclosure filing in every 43 homes, and came in as having the highest rate of foreclosure.

More than sixty Denver foreclosure homes are set to face the hammer later this month. Hudson & Marshall, one of the nation’s most reliable auction firms for foreclosures is to auction these homes at the Denver Airport Hotel on the 21st August, ’08 and at the Gateway Park on the 23rd August, ‘08.

Hudson & Marshall is also set to auction more than 150 homes that have been foreclosed upon in Las Vegas on the 23rd August, ‘08, at the JW Marriott Las Vegas Resort.

Hudson & Marshall’s, Dave Webb, said that their knowledgeable employees guide home buyers through all the intricacies of the auction procedure, right from the bidding stage to when the closing takes place. He also said that people who did not wish to participate in the bidding process, but simply wanted to gather some experience about the process are also quite welcome.

The process involving buying homes at auctions is not very time consuming. Bids for a number of houses can be placed on the same day. Considering that the homes are sold on an ‘as-is’ basis, processes like negotiation of contracts, which are time consuming, are eliminated. Homes that are auctioned off through Hudson & Marshall come with a guarantee that seller will pay for the title insurance, and the agreement usually reaches a closing within 30 days. A $5,000 deposit is required in the form of certified funds or cash for each home that a successful bid had been placed upon by the buyer.

The onus of inspecting the property lies with the buyer. Since the homes are to sell ‘as-is’ an inspection is called for. The 16th and 17th of August, ‘08, are scheduled as ‘open-house’ days for the above mentioned Denver foreclosure homes auctions.

Start your search for Foreclosures in Colorado Top Cities:

• Aurora Foreclosures
• Colorado Springs Foreclosures
• Denver Foreclosures

The deepening problems in the housing and mortgage industries have not only resulted to millions of homes in foreclosure. The unfortunate situation has also given birth to thousands of foreclosure counselors, who are working with local governments and non-profit organizations, in order to provide assistance to troubled homeowners facing foreclosure.

This week, hundreds of foreclosure counselors are attending a convention in Denver to brush up on their skills and receive certification so that they could meet the increasing demand.

In Colorado, the number of foreclosure filings has risen dramatically over the past year, putting the state at the number ten spot among states with highest foreclosures rate. The said list included the states of Nevada, California and Florida.

The said convention has attracted foreclosure counselors from over 34 states. It will basically be a training convention, under the National Foreclosure Mitigation Counseling program. This particular program has a fund amounting to $180 million and aims to help at least 400,000 families.

Administered by the non-profit organization, NeighborWorks America, the foreclosure counseling program also aims to provide Americans with easy access to homeownership as well as affordable and safe rental housing.

Foreclosure counseling programs and workshops have become popular among troubled homeowners especially those who are having trouble understanding the foreclosure process. As you know, the foreclosure process varies from state to state. These workshops are also effective in identifying victims of mortgage fraud that includes falsification of information in loan applications.

Aside from these, foreclosure counselors also work as mediators between lenders and borrowers in order to work out a solution that will be beneficial to both parties. According to recent data, the most popular option that lenders and borrowers are agreeing to is the repayment option. Many foreclosure counselors believe that this is just a short-term solution and they usually push for a loan modification option instead.

After 2006, many thought the Colorado foreclosures couldn’t get much worse. During that year, the state experienced a 30% increase in the amount of defaults filed since 2005, and although many expected they hadn’t seen the end of this trend, few could predict what was to come in 2007. Only nine months into the year, the number of Colorado foreclosure homes matched the total for the previous year, topping out at over 28,950 homes entering some stage of foreclosure or default.

Colorado has long been at the forefront of the national upward trend in foreclosures that has occurred over the past few years. People got used to seeing that Denver foreclosures were jumping upwards at incredible levels, or that foreclosures in Colorado Springs were beginning to creep up to match the levels seen in lower income and urban areas.

But now it seems the situation has gotten extremely desperate. By the end of 2007, the total number of foreclosed properties in Colorado had again risen by more than 30%. But while this may be a sad story for homeowners, the market is ripe for an upswing, especially given the volume of homes now being sold at auction.

Other statistics show that during the first nine months of 2007, over 19,000 homes were actually sold at foreclosure auction, compared with roughly 15,000 in 2006. This means that more and more homes are actually continuing through the default stages to eventual auction sales, rather than being paid off during the pre-foreclosure period. In fact, the rate of homes that end up being sold after going into default has risen from 1 in 2 during 2006, to 2 in every 3 during 2007.

So what does this mean for investors? First of all, it means that there are a lot more homes available on the market for sale, which inevitably drives prices at auction down. But what’s more interesting is that when you take a closer look, you see that these homes are not being bought up by the public at these auctions.

The Denver Post reports that one real estate foreclosure specialist and public trustee in the area recounted a story that speaks to what’s happening to foreclosure real estate in Colorado: “We had 28 foreclosure sales today,” said Debby Morgan. “And they all went back to the lender.”

It seems that the market for foreclosed homes is so large in Colorado that very few homes are even being bid on at auction, and instead are being handed back to the banks, private lenders and government agencies who issued the original defaulted loans. So whether you’re in the market for Boulder foreclosure homes or Steamboat Springs foreclosures, now is the right time to jump in and find a great deal.

This applies not only to auction sales however, it also applies to buying bank foreclosures and government foreclosures on HUD and VA homes. With so many properties going back to the lenders, many are becoming overwhelmed by the sheer volume of properties they must manage. Keep in mind, the primary business of banks and government agencies is not to sell homes, and for many of these businesses these foreclosures properties can be a burden. This will no doubt drive prices way down, as they look to unload these properties as fast as possible.

Foreclosure investing in Colorado has long been recommended, but now it seems there is very little competition for these homes, and if you’ve been considering looking into buying Aspen foreclosures or Butte foreclosure homes, now is the optimum time.

The right time to invest in one of these Colorado foreclosure homes has come. As of August, the state has the 8th highest foreclosures rate, with one filing for every 312 homes. With so many foreclosures available for sale, you should not hesitate especially since market conditions are favoring buyers like you. But before you even start your foreclosure search, you should make sure that you are prepared to buy these foreclosure properties.

When seriously considering the purchase of Colorado foreclosure homes, you must make sure that you have a general picture of your present financial status.

Income

You should first consider the amount of money that goes IN before even considering how much money you will be able to set aside for one of these Colorado foreclosure homes.

Assets

Since you will be paying your mortgage on a long-term basis, you should include in your financial assessment all your assets including savings, bonds and stocks.

Liabilities

Buying foreclosure properties, especially for investment, is a serious decision. You should not fail to consider your liabilities that include credit card debts, monthly payments, alimony and other loans.

After carefully and thoroughly scrutinizing your current financial state, you will now be able to search for the foreclosed home that will fit your present and future financial capabilities perfectly. If you must know, some of these homes were owned by owners who took out mortgage loans that they could not afford to pay. If you do not want to end up facing foreclosure, and then make sure you are within your budget.

For good measure, you should use reliable, complete and updated foreclosure listings offered by Foreclosure Deals. These listings will allow you to browse thousands of Colorado foreclosure homes easily. Your foreclosure search will surely be more convenient and faster!

The number of Colorado foreclosure homes is still rising, thanks to the re-setting mortgage interest rates. Last April 2007, there were 5,826 homes in some stage of foreclosure, placing the state at the second spot among states with highest foreclosures rate. The large inventory of foreclosure homes in Colorado can be blamed to the rising interest rates as well as predatory lending practices.

During the housing boom, many home buyers were enticed to purchase home by availing of mortgage loans with attractive options such as no down payment, low interest rates for the first two to three years and even interest only payment options. With these options, buyers thought that they are getting great deals but in fact, they are heading for big problems. To make matters worse, many of these buyers were approved for mortgage loans that they could not afford in the first place because of relaxed underwriting guidelines. In the end, majority of these subprime loans are unpaid and the owners face foreclosure.

Of course, there are buyers and investors who benefit from such unfortunate circumstances. The thousands of available Colorado foreclosure homes for sale mean more choices for buyers. If you are one of these buyers looking for potential bargains, you should have an effective search tool such as foreclosure listings. Of course, the most reliable listings come from reputable real estate brokers like Foreclosure Deals.

Just like buying a new home, care should be taken. If you are unsure whether or not the property is in good physical condition and can withstand the changing weather conditions, you should consider the services of a professional inspector. These inspectors can check every nook and cranny of your home and look for minor and major damages that would require your attention.

For the past 4 months, Colorado has occupied the second place among the states with highest foreclosures rate. During the first quarter of 2007, there were 16,435 homes in some stage of foreclosure. On the other hand, Colorado recorded 1 foreclosure for every 345 homes. Compared to brand new homes, Colorado foreclosure homes will provide you with a considerable amount in savings.

If you do not know it yet, Colorado bank foreclosures are properties with owners who failed to pay their mortgage obligations to their respective lenders. This left the lenders with no choice but to file for foreclosure. A re-instatement period is set wherein the owner must cure the mortgage default, if not the property will be repossessed and sold at foreclosure sales. Properties that survived these auctions would be placed in the banks possession and will now be called real estate owned or bank foreclosures.

Buyers interested in Colorado bank foreclosures can search for them by either going directly to the many different banks or by subscribing to foreclosure listings from reliable realtors like Foreclosure Deals. You will save much time and money when you decide to utilize these listings.

You can expect these Colorado foreclosures to be sold at prices amounting to the mortgage owed on the home, foreclosure costs and legal fees. But the thousands of available Colorado bank foreclosures for sale have resulted to many sellers slashing prices. Buyers now enjoy discounts as much as 50 to 60 percent.

Choosing Colorado bank foreclosure will provide any buyer with a considerable amount in savings. Even with repair or renovation costs, these homes will still be very affordable. Just make sure that repair costs will include minor damages. Structural damages should at least be covered by the seller or the major repair costs deducted from the selling price.