RealtyTrac's 2009 Colorado Foreclosure Report Gives Reason For Optimism

By
Mortgage and Lending with First Time Home Buyer, Mortgage Rates, Pre-Approval NMLS 243370

<!-- This material is non-exclusively licensed to Ben Yost and may not be copied, reproduced, or sold in any form whatsoever.-->

Foreclosure deltas for the ten most foreclosure-heavy states of 2009

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

  1. California
  2. Florida
  3. Arizona
  4. Illinois

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that's a big number, but a deeper look at RealtyTrac's annual reports reveals a more positive undertone on the housing market.

  1. 40 states fell below the national Foreclosures Per Capita average in 2009
  2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Colorado Foreclosures are still prevalent, though, and buying homes in foreclosure in Aurora continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold "as-is" and the cost of repairs may unwind the home's status as a "value buy".  Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home in Colorado isn't as streamlined as buying a "normal" home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read the complete foreclosure report and take a peek at RealtyTrac's foreclosure heat maps.  If you like what you see, talk to your Colorado real estate agent about what to do next.

There's still good deals in the foreclosure market -- you just have to know where to find them!

No matter where you live- whether it is Denver or Aurora, Colorado make sure that you pick your Loan Officer and Real Estate Agent with care.

Posted by

 

Thank you,


Ben Yost
Senior Loan Consultant

NMLS#   243370  LMB#  100023031

New American Funding
5299 DTC Blvd. Suite 300

Greenwood Village, CO 80111

 

Cell:     303.587.4297

Direct:  303.731.4718

Office:  877.884.3452 x4643
Fax:      303.889.5229
Email: 
ben.yost@nafinc.com
Web:  
www.newamericanagent.com/Benyost

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
mortgages
fha
denver
colorado
mortgage loans
mortgage rates
aurora
home loans
lenders
va
refinance
refinance rates
first time ho

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,945,632
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Every market is different and many markets had their best year ever. The ones where few foreclosures, low priced rural America housing where you can buy a quality home in the $40,$50,$60's and without all those zeros in the price tag!

Jan 15, 2010 01:49 AM #1
Rainmaker
1,282,430
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Thanks for article. We always learn something from Active Rain blogs. Best Regards,

Jan 15, 2010 01:49 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
196,498

Ben Yost - 303-587-4297

FHA, VA, Conventional - Mortgage Loans in De
Ask me a question
*
*
*
*
Spam prevention

Additional Information