Lower Amounts of Mortgage Defaults in Colorado
We are now ranking 20th out of the 50 states for people that are more than 2 months behind in their mortgage payments. This is great!!! The number of people who are late in paying is 3.38 percent up from 2.56 percent last year. This means that about 97% of everyone with a mortgage is paying on time.
This should cause the foreclosure rate to stabilize and bring prices back up. The national average of defaults was 3.96 %, making Colorado 15 percent better than nationally. The worst states, FL 7.8% and NV 7.7% are still seeing declines in market value.
So you ask what does this mean for me as a buyer or seller in Colorado? It means as a seller your home value has stabilized. As a buyer, this means that you can find a great price on the home of your dreams. This is a great time to look at financing a home as well. The 30 year mortgage rates fell again this week to a rate about 5.5%.
All markets are localized and the Colorado Springs Market is rebounding and here is more proof that we are at the bottom of the market. Now is the time to make the move. Rates are low, supply of homes are high, and the fundamentals are strong. Call me today to see homes that fit your needs.
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