country, is ever-increasing although this isn't always bad news for Denver
homebuyers. Homebuyers that have been "fence sitting" should consider taking full advantage of the effects of the morethan 9,500 real estate foreclosures that were filed during the last six months, which is a 34 percentincrease from the same period last year. The high foreclosure rate puts unneeded pressure on the Denver housing market, which is already a buyer's market. This results in even a greater selection of homes on the market and more
room to negotiate a good price.
2006 is on pace to be the worst year ever for foreclosures, even beating the
record of 17,122 foreclosures in 1988. Foreclosures result from several
factors including adjustable rate mortgages, interest-only loans, lenient
financing provided to people with poor credit and other economic factors.
The high foreclosure rate is a bit puzzling to some economists since the
rest of the Denver economy remains fairly strong although more high-paying
jobs would help the situation.
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