2007 has been a high for Colorado Foreclosures

6 March 2008

Author: admin Posted under Foreclosure homes

Colorado foreclosures have shown an upward progression all through 2007 and the trend is expected to continue into 2008. This news comes in the light of fact that the entire nation is plagued with high rate of foreclosures and people are working with lenders and the government to find effective solutions to fight foreclosures.

The housing market has been extremely turbulent and Colorado set a new record with the highest number of Colorado foreclosure homes in the first three quarters itself. On one hand, it is being seen as good news for the investor but on the other hand, it is an unfortunate situation for existing homeowners.

In 2007, the office of the County public trustees have reported almost 9,500 Colorado foreclosure homes filed throughout the state with Denver recording an increase of 50% over last year. By the end of the third quarter, the total number of homes reported to be in foreclosure was 28,960. This includes contribution from different cities like Denver, Boulder, Fort Collins, Colorado Springs, Lafayette, Burlington, and Westminster.

The foreclosure report was released by the Division of Housing in Colorado at the end of the year. Comparatively speaking, in 2006, the total number of Colorado foreclosures was 28,435 for the entire year. In fact, in the third quarter of 2007, there were 7,117 homes filed for foreclosure in the state of Colorado, which took the grand total to 19,025 as compared to 15,112 and 6,253 in 2006 and 2003 respectively.

Denver played the most prominent role and 1252 foreclosures were reported by September 2007, which was 42% more than what was reported same time in 2006. This seems to be the tip of the iceberg and no one wants to take the risk of speculating on the Colorado real estate foreclosure market.