The NUMBER of home sales were slowly on the rise for the last quarter in Colorado due mostly to buyers taking advantage of lower home prices and mortgage rates.
Home PRICES continue to be LOWER due to joblessness and slow business overall.
As lenders complete processing on more of the foreclosures that are pending, more properties will appear on the market for sale at lower prices, this will not be helpful to home owners trying to get top dollar in today's market, as there will be many comparable homes on the market at reduced prices.
After mortgage companies formally foreclose on the homes, and the larger inventory of homes at reduced prices hit our market, prices are expected to DECLINE an additional 5.1% in 2012. Savvy home buyers have learned to search for homes that have been foreclosed upon at discount prices and homes that are offered as short sales. This makes it a tough market for home sellers.
Recovering from the economic fallout of the financial crises is not expected for quite some time, according to real estate analysts. The impact of the foreclosure crisis is expected to be long lasting.
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