Foreclosures Headed Down in Colorado

Foreclosures Headed Down in Colorado

Time to Celebrate
Time to Celebrate

May 16th the Colorado Division of Housing reported a 41 percent decrease in foreclosure filings in Colorado. There were 4,571 foreclosure filings the first quarter of 2013 across the state compared to 7,785 during the same time period last year. Actual foreclosures were down 30.5 percent from first quarter last year.

Wow.

Foreclosure filings differ from foreclosures. Foreclosure filings are the paperwork; actual sales happen over 100 days later. During this time, borrowers and lenders try to work towards an agreement to bypass foreclosure. This may involve options like short sale or re-financing.

We have a supply and demand economy so as the foreclosure supply dwindles, demand for homes increases, thus contributing to increased home prices.  In Routt County, the absorption rate for single family homes, Condos, and Townhomes in the Fish Creek area under $500,000 is just 3-4 months. This means, with the current supply of homes on the market, it will take just a few months for them to sell-assuming all things stay the same. Basically, in some areas of Steamboat’s market, supply is so low you have to act fast if you are a buyer so now is the time to buy. It’s been a long time since I’ve seen multiple offer situations but I am seeing them again today in Steamboat.

The foreclosure data just released is again just one more indicator of the direction our housing economy is headed. I’m optimistic and that’s just not the real estate agent in me talking; that is an opinion based on data!

Data, data, data. Staying informed on the housing market in your area can help you make wiser  decisions and help you achieve your housing goals. And I can help.

Regards,

Charlie

Charlie Dresen
Real Estate Associate Broker |Prudential
Local Knowledge | Global Exposure| Defining Service
970-846-6435 | SteamboatsMyHome.com
610 Market Place Plaza, Steamboat Springs, CO 80487
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About SteamboatsMyHome.com

Originally from Seattle, Washington, Charlie relocated to Steamboat Springs with his wife Carol and their son, Finn, to become a Steamboat Springs realtor eager to share the joys of Colorado. Charlie is a second generation realtor and is proud to be a member of Steamboat Sotheby's International Realty in Steamboat Springs, Colorado. After graduating from Whitman College in Walla Walla, Washington, Charlie worked in the high-tech industry in Seattle for several years before deciding to follow his father's lead and began his career in real estate. Working for Windermere Real Estate in Seattle, Charlie had a great, innovative career in the highly competitive Seattle market before moving to Steamboat in 2005 and delving deep into Steamboat Springs real estate. At Steamboat Sotheby's International Realty, Charlie has become one of the top agents with his innovative style and tireless perseverance.
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