Tales Of Foreclosure Woe Continue In Denver
Denver County, Colorado, is the most populous county in the state with over 3,000,000 people living and working here. For many the American Dream of owning a home has become nothing more than a nightmare as the foreclosure meltdown has hit this area hard. RealtyTrac reports there are currently over 1000 homes in foreclosure in Denver County, which is one-sixth of the states total. It appears Denver is still on its record setting clip of a year ago.
Michele Matisse, a local Denver County Stop foreclosure specialist, has an emotional attachment to the current situation and offered her perspective on what is happening in the local real estate market.
According to Mrs. Matisse's research Colorado's foreclosure rate climbed 23 percent in the first quarter of 2008 compared to the same period of 2007. While the number on homes in some stage of foreclosure in Denver and Jefferson counties continue to rise in the second quarter of 2008, experts are reporting that the growth rate is slowing. Currently there are well over 11,000 properties in foreclosure with more than 5000 of those just in Denver County. Jefferson County is over 2,000. Officials are predicting a 15 percent increase in total foreclosures for all of Colorado over last year (which was over 40,000 for 2007).
The root of the foreclosure meltdown here remains that numerous adjustable rate mortgages (ARM's) are resetting causing payments to increase dramatically. Also, property values in both counties continue to drop. The average listing period before selling is 7 months, so homeowners who are attempting to sell before the bank takes their homes are having very minimal success. She stresses that stopping foreclosure in Denver County will remain a challenge for some time to come.
The typical residence in foreclosure here are middle to lower middle class, the high dollar homeowners are clearly not safe either. There are numerous homes all over Denver and Jefferson counties with values above $300,000 that are in some stage of foreclosure.
As with most of the nation, Colorado has been hardest hit since 2006. Denver and Jefferson counties are the two most populace in the state and have sustained the hardest hit since the sub-prime meltdown. So-called experts advised in the third quarter of 2007 that the worst was over, yet we are still seeing a 23 percent increase in foreclosure filings in the first quarter of 2008 over the same period in 2007. The numbers are increasing more slowly so far for the second quarter of 2008, but many believe we will see yet another major increase before years end.
One surprising statistic is the number of overleveraged homeowners. Research indicates there are more who are upside down than not. There were a lot of unethical (illegal) property appraisals done in the year or two prior to the sub-prime meltdown and people were paying way more for properties than they were actually worth. Once the adjustable rate mortgages (ARM's) reset the payments jumped as much as double and the foreclosures skyrocketed. The zero equity situation was inevitable.
To its credit Colorado has not sat on the sidelines during this crisis. The state and local municipalities have contracted with Brothers Redevelopment to counsel homeowners about their options, but many have yet to see any data to suggest that they have managed to "stop the bleeding", or even slow it down. It appears that help is too little, too late.
Generally, real estate values in Denver and Jefferson counties are flat or falling. The good news is that based on statistical evidence, these counties are likely to recover much faster than many markets across the nation.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |