Foreclosures decrease in Colorado

Foreclosures decrease in Colorado

In yet another sign of what I've been saying for the last six months.  Colorado has passed the peak in foreclosures, at least with houses priced less than $250k.  The numbers were released yesterday to very little fanfare or even acknowledgement.  But, as investors who have been trying to buy these properties know, it is very difficult to get a good deal on a foreclosure home right now.

The foreclosure numbers:

Foreclosure filings in Colorado fell 6.2 percent mont to month and a staggering 31 percent year over year in September according to RealtyTrac.

Again, this is something that is eveident to all of here in Denver, CO; We missed out on the huge run up with pricing, and were early in the foreclosure cycle relative to the rest of the country, now if the economy just doesn't completely go into depression, we may see the groundswell of housing demand in a similar scenario like the '91 recession.  Healthy recoveries always start from the lower priced homes and filter upward as move up buyers sell and purchase more expensive homes.  We are seeing that again now.