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May 11, 2009 - 6:04 PM
RICH LADEN
THE GAZETTE
El Paso County's foreclosure activity worsened in the first quarter when compared with the same time a year ago, even as the rest of the state and several large counties saw their foreclosure problems ease, according to a Colorado Division of Housing report released Monday.
Foreclosure filings in El Paso County totaled 1,292 from January through March, a 6.3 percent increase when compared with the same period last year, the Housing Division said. A filing, which a homeowner receives after several missed mortgage payments, is the start of the foreclosure and can lead to the loss of a home.
Of the state's 12 most populous counties, three saw bigger increases: Mesa County, where Grand Junction's energy economy has slowed, saw a 47.1 percent jump in first-quarter filings, while Larimer and Pueblo counties each saw increases of about 10 percent. Boulder County had a 4.7 percent increase.
Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson and Weld counties, however, reported declines in first-quarter foreclosure filings, the Housing Division said.
Meanwhile, completed foreclosures increased 2.6 percent in El Paso County during the first quarter when compared with the same time in 2008. Mesa County saw an 83.3 percent increase in the first quarter.
The rest of the state's 12 biggest counties saw declines in completed foreclosures, according to the Housing Division. Completed foreclosures refer to homes whose owners fell into foreclosure and were unable to catch up on missed payments or work out deals with lenders; their homes then were sold at a county public trustee sale.
Statewide, foreclosure filings fell 7.6 percent in the first quarter, while completed foreclosures declined 26.2 percent.
Housing Division Director Kathi Williams said possible reasons for El Paso County's rising foreclosure filings include rising numbers of job losses and an oversupply of homes for sale, which increases competition and makes it tougher for homeowners facing foreclosure to find buyers for their properties. Also, about 6,500 soldiers being transferred to Fort Carson won't arrive until this summer; when they do, they're expected to help absorb a backlog of foreclosed homes.
El Paso County's foreclosure rate is not nearly as bad as some parts of the state, the Housing Division said.
El Paso County had one completed foreclosure for every 418.2 households during the first quarter of 2009. Adams County in suburban Denver had one competed foreclosure for every 237.5 households. Teller County's first quarter rate was one for every 222.4 households.
Jay Carden
Search the Colorado Springs MLS
719-322-4939
Showing posts with label investment. Show all posts
Showing posts with label investment. Show all posts
Monday, May 11, 2009
Wednesday, December 3, 2008
Lower Mortgage Defaults, BUY or Sell Today
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.
Wednesday, February 6, 2008
Colorado Springs Short Sale, Buy TODAY, NO Money Down
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