The problem of foreclosure homes has created a good real estate housing market. John Klahn who is a network engineer at an area hospital of Denver has bought 9 homes over the last one and a half years at less than $100,000 each. The slump in the prices of home has proved beneficial for some like Klahn who expects to buy a dozen soon. He has rented the homes for as much as $450 more than the insurance, taxes, and mortgage, and expects to sell them at a huge profit after the housing market becomes stable. About 355 homes in the seven-county metro area have sold for less than $100,000 in 2005. In 2008, about 2,015 homes were sold at the same price with nearly 90 percent being a foreclosed home. Last year, the number of foreclosure homes in seven-county metro area was as large as 27,024. This is almost a 41 percent hike from 2006.

The seven-county metro area has been reported with a 9 percent hike in home foreclosures in the first half of 2008 as compared to the same time of 2007. There have been a total number of 14,659 foreclosed homes in the first quarter this year. It has become an easy matter to find out renters for properties with the vacancy rate of for-rent single-family homes and condos coming down to 2.7 percent. The vacancy rate for apartments is 6.2 percent. According to a broker named Charles Roberts, the homes that are available below $100,000 are mostly found in the areas like Green Valley Ranch, north and south Aurora, southwest Denver, Montbello, and Commerce City. The homes that sold at $140,000 two years ago can be now bought for $55,000. It is indeed good news for some real estate investors. There has been a decline in the prices by 40 to 50 percent almost.

Lon Welsh, managing broker of a real estate company has said that about five years ago it was unthinkable to buy a home at less than $100,000, more so for the first time buyers of property. As the value of homes for sale has gone down due to foreclosures, therefore only those who really want to sell it are putting their home into the market for sale. The financing is getting hard to get irrespective of the fact whether the buyer is an owner-occupant or an investor. Klahn has said that it is very difficult to get conventional financing at this moment.

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The foreclosures in the county of Broomfield and Boulder of Colorado are increasing day by day which is having a very negative effect on the real estate of the region. From January to June, it has been observed that there has been a 16 percent increase in the foreclosure filings in Colorado as compared to the last year during the same period of time. According to the Colorado Division of Housing’s Department of Local Affairs, it decelerated by 6 percent from the first quarter to the second quarter.

However, some observers are very positive that there will be an easing in the foreclosures very soon. The community relations director of the Colorado Division of Housing Ryan McMaken has said that an increase of 16 percent is not that big when seen in the national context. The number of foreclosure filings from 2005 to 2006 has shown a 30 percent increase and that from 2006 to 2007 has shown a 40 percent increase. Thus the scenario now is much better when compared to these periods.

The number of foreclosures in the counties of Boulder and Broomfield is the highest. From January to June, it has been recorded that there were 575 foreclosure filings. In Boulder County, there has been one foreclosure filing per 197 houses. This is considered to the lowest in the whole metro area of Denver. On the other hand, there have been about 152 foreclosure filings in Broomfield County with one foreclosure for every 112 households. The number of foreclosure filing in the real estate of Boulder and Broomfield has increased over the years in the period from January to June. They have shown an increase of 35 and 48 percent respectively. The Douglas County foreclosures have spurted to 49 percent from January to June of 2008 in comparison to the first quarter of 2007.

The increase in the Weld County during the second quarter and from January to June stands respectively at 20 and 23 percent. There has been one foreclosure filing for every 44 households in Adams County, one foreclosure filing for every 65 households in Denver County, and one foreclosure filing for every 344 households in Garfield County. A buffer in foreclosures is there in the Boulder City due to the increasing demand of real estate and growth controlling measures. It is anticipated that there can be an increase in foreclosures in the Broomfield County in the near future. The betterment of the situation depends on how fast the US can come out of its sluggish pace of economy.

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When the real estate market throughout the country is slumping, exceptionally good news has come from the seven county Denver area. The foreclosure filing rate has gone down by 7.5% in the second quarter over the first quarter. However, there have been 14,600 cases regarding foreclosure in the Public Trustee Offices during the first half of this year, and in comparison to last year’s first half, the rate has shot up by 15.6%. The experts feel that perhaps the trend is slowing down.

Inclusive of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties, the seven-county Denver area became famous for its rising number of filings. Adams County, in the first half of 2007, came up with 48% more filings than the first half of 2006. Even in this down trend in real estate property foreclosure filings, Jefferson County still has seen a 3.5% rise in this 2nd quarter over that of the 1st quarter this year.

It seems that this wellness is due to a new Colorado state law, which allows a real estate owner more time to repay his dues, although it restricts his claim after foreclosure sales, said Zachary Urban of Brothers Redevelopment. However, according to him, it cannot be said that the worst is over. According to Ryan McMaken, of the Colorado Division of Housing, the reason might not be the law, as all files don’t reach sales. However, he is happy with the trend change.

Another reason that is supported by most of the experts including Ed Jalowsky, principal of Hottest Homes Realty, is that both the homeowners and real estate lenders are willing to solve their problem through negotiation. The lenders are ready to lower the interest rate and even the principal amount. They are interested in short sales in which they accept less than the original pay out. This was not the case earlier.

Whatever the reason for the slackening of the foreclosure rates, no expert is ready to disclaim that everything is fine and things will not worsen. Although the rate is falling, there are still 40,000 homes to be foreclosed this year in Colorado, and this number is not low by any means. Almost all of them think still it may need a whole year to make any comment on this descending trend having bottomed out. The filing rate has gone down, but that does not mean the foreclosure figures will be scant. However, everybody is taking this trend change positively and looking forward to a trend reversal.

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