Foreclosures in Colorado and great opportunities for Colorado Home buyers and Colorado Real Estate Investors.

Ray,

Foreclosures here are very high but I do not see most of them ready to give away the homes. The banks still seem a little reluctant. I think they should think about all the inventory they are going to hold...I think that they could spend up to 50K just to foreclose and maybe they are hoping to recoop some of the expense. I get calls from consumers looking for deals...when they hear the word foreclosure they think everyone is a deal. The banks will really have to look at the absorption rate of inventory to sales.

Ray--I echo what Neal says here. I don't know if the banks are really on board with selling these properties at drastic discounts. Their goal sometimes seems at odds with the homebuyer and they are often slow with the paperwork.

I do believe you are correct in advising homeowners that do not have to move to stay or be willing to price their homes in line with the lower foreclosed pricing.

As real estate is local, the reports are very helpful to those trying to understand where your state fits into the national foreclosure picture.

Good information Ray! Thanks for sharing it!

Good article Ray - it only costs about $8,000 to $15,000 foreclose (at least in most states) but BUT there are other losses such as the 3 or more months of missed revenue from failed payments, having the vacant property generating no income while deteriorating and having to go through the process and paying someone to see that the house is sold. Also, there are generally vacancy maintenance costs while the property is vacant. The problem is there are so many foreclosures right now and while the loss is taken in the year of foreclosure the loss actually becomes documentable and a "real" loss as opposed to a paper loss - that's why the owner holding the paper may not be ready to snap up offers. But don't let that stop you from offering low! Great stuff Ray.

Almost everywhere in the nation, at least in most major metropolitan areas, this is one of the best BUYER'S markets I have ever seen. That window doesn't stay open forever because as the first wave of sales are made the prices stabilize and then begin to increase. So what I am saying to your readers is if you are *thinking* about buying get off the fence because it, as always, will be the pioneers (the first ones off the fence) who reap the greatest benefits. 

Ray,

Happy Holidays my frined...see you next year!

Ray, How is the market doing since you posted this?  Our foreclosure rate is pretty low here, but with the rising prices of gasoline, etc., it seems to be changing as people try to deal with the fact that their money is not going as far as it has been.

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