Denver Foreclosures rate increase highly in 2008
There is a definite surge in Denver foreclosures recorded at the end of the second quarter of 2008 as Q2 ended with 49,519 foreclosure filings. The total number of properties with filings in the Denver area was 26,632, which means that the foreclosure rate in Households is 2.641. The current rate of foreclosures denotes that the % Change from 2006 is 27.79. A recent report by Colorado public trustees has stated that there have been a total of 10,875 foreclosure filings in the 2nd quarter of 2008 in Denver, which is a straight jump of 8.6% since Q2 of 2007.
The Colorado Division of Housing has also taken out a report wherein the forecast suggests that the foreclosure filings might jump by 15% in the latter part of the year as compared to 2007. This basically means that there are more Denver foreclosures in the offing. In 2003, the total number of Colorado foreclosures was 13,573; in 2004 it was 16,801; in 2005 it was 21,782; in 2006 it was 28,435; in 2007 it was 39,915 and this year by the end of Q2 the number is already at 22,500, which is more than what it was for the entire year of 2005. The rate of foreclosures in Colorado was one per 82 homes from January to July 2008.
Another strange occurrence is that the foreclosure sales have also dipped. In 2003, the foreclosure sale in Colorado was 6,258; in 2004 it was 7,782; in 2005 it was 12,699; in 2006 it was 17,451; in 2007 it was 25,320 and so far since January to July 2008 it is 3,895. There is no apparent reason for this drop in the sales but one thing is for certain: there are several thousand homes that are available for investors and first time homebuyers.
