Great News for our local economy! Foreclosure rate drops 14.5% in Oct.

Posted by Nicole Rufener on Monday, December 3rd, 2007 at 1:10pm.

As a real estate agent you have your finger on the pulse of the local marketplace. I help buyers and sellers on a daily basis buy and sell their own homes. I have helped a number of investors purchase bank owned properties and helped distressed sellers avoid foreclosure by getting the bank to accept a short sale. As I am a Realtor who works full time, on a daily basis, in real estate over the past handful of years I am in a position to see change. Things are changing here!

We have hit bottom and next year we should start to see our home values start to recover and rise again. Many buyers are discouraged to buy right now-scared away by the media's reports of the housing market crashing. It is important for buyer's to remember that many of those news reports are focused on a national basis. Colorado is countercyclical to the nation. When many other costal cities were experiencing 20% increases we were experiencing a steady increase near trend-11% overall. Colorado was one of the first state's to enter the foreclosure crisis. Last year we led the nation in foreclosures. This year we have dropped down to the #7 position.

Check out the article by the Rocky Mountain News published in this weekend's paper. This is a really good sign for our local economy.

Questions about how foreclosures affect our economy...shoot me an e-mail or call me!


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