Denver struggled with the foreclosure crisis longer than other areas.
In the past, if homeowners in places like California were unable to make mortgage payments because of loss of a job, a divorce or other expenses, they were able to sell their homes for a profit, avoiding foreclosure. Now, housing prices across the country are collapsing at an unprecedented rate.
The Denver area finally is off a top 10 list it never wanted to be on. The metro area ranked No. 12 out of the top 100 markets for its foreclosure rate in the third quarter, according to a report released on Wednesday by California-based RealtyTrac. For much of last year, Denver was No. 1 on RealtyTrac’s foreclosure rate list. With the collapse of the subprime markets and overbuilding, formerly hot markets in other parts of the nation now are facing rising foreclosures.
The Denver area had 13,179 filings, or one filing for every 77 households, in the third quarter. That was a 28.3 percent jump from the third quarter of 2006. And it was the smallest year-over-year increase of any of the other top dozen markets. Denver also showed a 3.6 percent increase from the second quarter, the only city with a single-digit increase. The next lowest percentage gain from the second quarter was Akron, Ohio, at 11.4 percent. The highest quarter-to-quarter increase was Detroit, at 91.7 percent.
Stockton, Calif., which was No. 1, showed 7,116 foreclosure filings, a 465.3 percent jump from a year ago and a 31.6 percent increase from the second quarter.
“It looks like places like California are finally surpassing the Denver area in foreclosure rates,” said Ryan W. McMaken, spokesman for the Colorado Division of Housing.
Watch Video Regarding Colorado Foreclosure Process Learn more about Foreclosure Scams
RealEstateColorado.Net is ranked consistently in organic search term results for Denver Real Estate, Denver Colorado Homes in Google. They also hold over 2 dozen top 3 positions in similar search terms in Google, MSN and Yahoo. Over an estimated 83% of the public uses Google as their search solution of choice. RealEstateColorado.Net out ranks Realtor.com, trulia.com and Craig list in the Denver Real Estate Market.
If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.
Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
Posted by: Jeffery McClintock
Categories:
