Denver, Colorado Foreclosures Mirror The National Increase!
Despite Alan Greenspan being optimistic about the bottoming in the housing market over the next few months, folks in Colorado and its capital city, Denver, don’t consider themselves so lucky. Here’s why.
In 2007, 7,700 foreclosed homes were reported in Denver. This number is expected to rise significantly this year with an expected 11,000 foreclosure houses for sale. This increase mirrors the national trend in foreclosure and some of the worse hit Denver neighborhoods include the Green Valley Ranch subdivision. As even the new homes are ripped apart by the foreclosure tsunami, everyday over 10 families find themselves without a roof over their heads. The fortunate find a temporary shelter, but the unfortunate end up on the streets.
The devastating rapidness with which The American dream is getting unraveled is continuously increasing the already overflowing inventory for homes in foreclosure. The tightening of loan norms by both the private lenders and government is only adding to anxiety and pain.
Mile High City is an extreme example of how Colorado foreclosures have transformed the lives and suburbs of the city into some of the worst hotspots with vacant signs, or bank locks on their front doors. In less than two years, Denver has been completely swept by foreclosures, with over $171 million needing to be paid by defaulting homeowners.
Colorado State stood 5th on the foreclosures by state chart for April 2008. One per every 349 homes in Colorado filed for foreclosure in the month of April 2008, which was over 11/2 times the national average. Though the foreclosure activity was about 3% lower than that reported in March of this year, it was 3% higher than this time in 2007.
