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With foreclosure rate as the 5th highest in the country for April 2008, Colorado foreclosures are available in plenty. Moreover, there is one foreclosure filing for every 349 households in Colorado as of April 2008, which is almost one and half times the average in the nation. This is despite the fact that foreclosure activity during April was almost 3% down from March 2008, but again 3% higher than the same time previous year. Nevada State beat all states to reach the #1 rank for highest foreclosures by state, and reported one foreclosure filing for 146 Nevada households.
According to a study released by The Pew Charitable Trusts recently, it’s been alleged that at least one in every 25 households in Colorado is going to face foreclosure within the next two years due to the subprime loans taken during the years 2005 and 2006! This study definitely paints a rather grim and foreboding picture of the foreclosure situation in the Colorado State and experts are worried about the ripple effects that will be felt through its economy.
Furthermore, the Pew report has predicted that one in 33 households in the nation will be facing foreclosure in 2008 and 2009. However, the report especially paints a gloomy picture of Nevada and has forecast that one out of every 11 Nevada households will be facing foreclosure, and Arizona with one out of 18 households will follow it closely behind. Close to 2.3 million foreclosed houses are likely to be available on the market across the nation, while Colorado will have almost 50,000 foreclosed properties in 2008 and 2009 and 51% of all homeowners will feel the heat of foreclosure in America!
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