Potential increase of foreclosures to hit Denver
Multiple metro-Denver counties are expected to see an increase in foreclosures, the Denver Post reports. The recording of deed-of-trust assignments was reported as more than twice as high in the first five months of 2012 than the same period in 2011. Expert analysis indicates that these numbers may point to a fresh round of foreclosures for Colorado.
The basis for this prediction is a potentially large backlog of foreclosure filings. The decline in Colorado foreclosures over the past few years is a subject of debate today, with some interpreting this as an improvement in the housing market and others predicting the market “to face as much as a 20 percent correction.”
The possible approaching round of foreclosures could drive housing prices down as cheaper foreclosed homes come on the market.
This Denver Post article comes just two weeks after the Colorado Division of Housing released a report announcing foreclosure auction sales in Colorado were the lowest reported in five years.
Denver Business Journal states that Denver is one of the most sought-after U.S. cities among people searching for real estate. While it would be wise to investigate both sides of the growing debate, if looking for real estate in Denver, CO, signs do point to a buyers’ market.