Colorado Still Top 10 in Foreclosures!
What may be the worst year in the foreclosure crisis may have just begun!
Banks repossessed 1 million homes last year alone. That’s the most amount of homes lost to foreclosure going back to 2005. One in 45 households received a foreclosure filing last year. 1 in 45 translates to 2.9 Million homes. “2011 is going to be the peak” said Rick Sharga, a senior vice president at RealtyTrac Inc. Sharga’s firm predicts 1.2 million homes will be repossessed this year by lenders. 1.2 million homes seems to be the conservative estimate, too! Mark Zandi, chief economist at Moody’s Analytics, estimates that foreclosures should peak at 2.1 million this year.
The foreclosure pace slowed for the final two months of 2010 as banks succumbed to Government and industry pressure to review their foreclosure process. Most banks have resumed foreclosure activity and the first quarter of 2011 will most likely show an increase over 2010. I would expect that trend (elevated foreclosures/filings) to continue through most of this year. Among the difficulties many Coloradoans will face when trying to keep their home is elevated unemployment, uncertainty amongst buyers, and tougher credit standards for financing or refinancing. All of which could lead to further price declines in the Denver Metro area.
Finally, it is important to note that Colorado rounds out the top 10 of states with the highest foreclosure rates.
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Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 email@example.com
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
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