Colorado Springs Real Estate

The real estate market in Colorado Springs is, contrary to recent headlines, in excellent shape. The much-hyped factoid that Colorado is leading the nation in foreclosures is due directly to our "deed of trust" and Clerk & Recorder process. When someone fails to pay their mortgage (or deed of trust in this state) the law compels the Clerk and Recorder to initiate the foreclosure process immediately. The process will likely take another 4 to 6 months, and the property will likely be sold or "redeemed in this period, but nonetheless it is counted as a foreclosure. In other states, the mortgagor will initiate the court process and it will not be counted as a foreclosure until the process is completed. The other reason that the headlines seem so scary is that they are reporting the total number of foreclosures, which are indeed higher than in the 90's. However, there were much fewer homer and homeowners in Colorado and the rest of the nation, due to our massive expansion and the all-time high homeownership rate. So, as a percentage of actual homeowners or actual homes the foreclosures rates are actually no where near an all-time high. The underlying fundamentals of the market are quite strong, with average home prices holding relatively steady and about a six month supply of homes on the market.

 I had posted this on my profile but I decided this might be a better place since it may be rather time sensitive. (I believe that by the summer we'll probably have five months or less supply on the market in this county, among other things).