Colorado Foreclosures are
falling!
According to a report just released today,
statewide foreclosure activity in Colorado has
fallen for the first time since data was collected in 2003.
Moreover, the Colorado Division of Housing reported that there were 16 percent
fewer completed foreclosures in 2008 than 2007. We have bottomed, and are
recovering. Especially on the sub $250k end of the market, it is really
moving pretty quickly. The upper end, above the FHA limits at $417k are
still having trouble, but you can see the 'groundswell' of activity that is
coming.
It just shows that the markets are never as bad (or as good) as
the mainstream press makes them out to be. The market bottom here overall,
was probably achieved early last summer. The bad economy will still have a
negative effect on the foreclosure rates, but it sure is nice to see the
concrete data that they are finally falling for a change.
Colorado always
seems to be a leading indicator when it comes to the rest of the country for
housing related issues. We didn't have as much as a run up in prices as
some other real estate markets (AZ, FL, NV, CA), and we entered this foreclosure
cycle early, but it seems we are coming out of it early as well.
