"Colorado came in second with one foreclosure filing for every 290 households, which was 2.3 times the national average. Colorado's foreclosure activity, at 6,231 foreclosure filings in May, rose 9 percent from the previous month and was an increase of more than 50 percent from May 2006" (Source: CNBC http://www.cnbc.com/id/19193611)
OUCH!
What does this mean for homebuyers, homewners and investors?
- Homeowners - Foreclosures drive market prices down, making it more difficult to sell & move up or to refinance.
- Homebuyers - Lenders have cut back first time buyer programs, but if you can qualify there are a ton of good deals out there.
- Investors - Get off of this foreclosure mindset. Will your investments probably be foreclosures? Yes. 1 of every 290 houses is in foreclosure! Does this automatically mean you're getting a great deal? No way! Look for great deals. Who cares if the property is owned by a bank or private seller?
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