The state of Colorado is going through a nightmarish experience as the rate of Colorado bank foreclosures goes skyrocketing. The year 2006 ended with a sad note and the year 2007 was no better as the first quarter recorded 9,254 Colorado foreclosure homes. One of the worse hit areas is Jefferson County where the city administration is giving away $5,000 worth in loans to those homeowners who are on the verge of falling into the foreclosure trap. A total of $350,000 in loans has been approved to be given to 70 families in the first quarter of 2008 so that the high rate of bank foreclosures can be reduced.
Littleton where the median home price is $289,000 has recorded almost 887 homes in foreclosure, which are being offered at auctions at an average price of $201,680. Off late, Littleton foreclosure homes have increased in number and this is all getting added to the number of filings in the state. The 26,326 filings in Colorado included a major chunk of Littleton bank foreclosures and some contribution from other metros as well including Denver. In fact, Denver showed an increase of 41.5%, which hit the real estate market in Colorado quite hard.
Right now, homeowners are confused as to what might be the best step for them. They took sub-prime mortgages and the interest rates are now overwhelming. The homeowners are unable to decide if they should let their home be foreclosed or is there any way to fight it out. Some homeowners are even thinking of taking a second mortgage to save their homes from foreclosure. The question is how soon the State of Colorado can find a solution for increasing number of foreclosure homes.
More Resources:
- Foreclosure Information
- Foreclosure Homes in Michigan
- Texas Foreclosures
- Virginia Foreclosed Homes
- Foreclosed Homes in Georgia
- Tampa Foreclosure Homes
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