Denver's Foreclosure rate Declines!

The foreclosure rate in the metro Denver area has seen a decline of 11.8% over 2007 - first time in the last 12 years! The foreclosures filed in the seven county area in 2008 were 24,494, compared to the filings in 2007 of 27,785. Foreclosures have been on the rise every year since the mid 90's. When the economy was strong during the 90's, the increases in foreclosures was minimal.

Realty Trac (a foreclosure tracker) has been quoted to say "it is possible that Colorado has gone through the worst of its foreclosure cycle." Nationally, the foreclosure rate is still recording huge increases. Luckily, Denver is sitting pretty!

The Public Trustee for Adams County is stating the banks are working harder at completing short sales before homeowners are ending in foreclosure, or modifications in interest rates. Some credit has to go to the nonprofit Colorado Foreclosure Hotline, which has helped many families over the past several months. Many homeowners were in touch with the Hotline prior to being 3 months behind in mortgage payments, and in many cases, calling when they first realized there could be some issues getting these paid down the road. These calls to the Hotline have doubled from a year ago, which shows this nonprofit company has been a huge help to families in need.

If you, or someone you know needs the Foreclosure Hotline --- 1-888-995-HOPE or log onto
www.995HOPE.org