Denver is one of the worst hit areas as far as Colorado bank foreclosures are concerned. Colorado witnessed around 10,017 bank foreclosures by the second quarter of 2007, which took the total number of foreclosed homes in 2007 to 19,460. The increase from the 1st to the 2nd quarter was 6% and experts now believe that 2008 will not be much different; in fact, 2008 will see as much as 25% increase in foreclosure homes in the state.
The year 2006 was no better as it ended with 28,435 Colorado foreclosure homes. Looking at the trend of the last couple of years, people from the industry feel that this will double this year and homeowners are going to feel the pinch. The flip side is that although there is a repository of Denver foreclosure homes for sale but at the same time the sale of such homes to investors and first time homebuyers has increased by 118%. A large number of homes were bought in Arapahoe County and the auction has looked positive all through last year.
The highest number of foreclosed houses was actually reported in Denver County where the filings increased by 10% and reached 2,151 homes in the first quarter of 2007 from 1,940 in the same quarter in 2006. The foreclosure filings around the middle of the year decreased by 6% in Arapahoe County and showed an increase of 13% in sale of Denver bank foreclosures in the county. Most homeowners are keeping their finger crossed although they believe that they will not see any further decline in the rate of foreclosure in the state in 2008. Whether the market is going to work in favor of the homeowners is yet to be seen.
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