No End in Sight for Metro Denver Foreclosures

The number of foreclosures in the seven county Denver area rose 25% from the first two quarters of 2006 to a grand total of more than 12,000 homes. Due to the sheer numbers and a huge manpower backlog, this phenomena is going to continue for the next several years. The Rocky Mountain News reported on June 12, 2007 that Public Trustees in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties opened 12,074 forecloseures compared to 9,665 during the first six months of 2006. 

Builders, who have been left with quite a bit of inventory as a result of homes that were under contract and did not close, are often willing to make substantial concessions to get those homes back under contract and closed. TeamCox has recently been successful in placing several families into these newly built homes. It is really lucky when a builder has standing or nearly completed inventory that is exactly what our buyers were looking for! 

For relocating buyers thinking that they can come into the more affluent suburban neighborhoods and pick up a distressed sale, this is simply not the case. The choices will be very limited since most of the distressed foreclosed or pre-foreclosure homes are located in less than prime locations. While these homes can be appealing to the investor that wishes to pick up rental property or buyers with the inclination and talent to refurbish a home, many of these homes are totally destroyed by the homeowner on the way out the door. These homes are not for the faint of heart to purchase since they usually require both physical stamina and a pockebook that is up to the task!

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