A while back, foreclosures in metro Denver were like a morning rush hour — lots of them clogging the system with even more trying to squeeze in. But the rush hour in foreclosures seems to be winding down.
My first indication of this came from an appraisal I reviewed in November 2010 on a property one of my buyers was purchasing. The appraisal included an “Economic Profile” for the market as a whole. In that profile, the appraiser noted that foreclosure filings for the first 9 months of 2010 were down dramatically versus the same time frame in 2009. Denver County led the way with 20.1% fewer foreclosures.
This trend has continued in the 1st quarter of 2011. Public trustees report that foreclosure filings are down 33.2% in metro Denver during the first three months of 2011 compared to the same period in 2010.
Further good news comes from the National Association of Mortgage Bankers. This group tracks mortgages were the borrowers are more than 30 days delinquent on their payments. Delinquency rates are dropping and Colorado’s delinquency rate is considerably below the national average. With fewer people behind on their home loans, the number of foreclosures is probably going to continue to decrease in coming months.
All of this is good news for buyers and sellers. Prices have firmed up and started to climb in many areas and this is good for sellers. It is also reassuring to buyers as they’d like to buy at a time when they sense that the market has stabilized and is turning around.
With lots of uncertainty on so many fronts, it is nice to know that at least one trend is heading in the right direction. – agent post, Colorado Home Realty
