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Foreclosures The National Trend Compared to Colorado

Recent home prices have still largely been a product of the number of distressed
properties on the market.  The abundance of foreclosures, short sales and bank owned
properties is still plentiful and show few signs of dramatic improvement for 2012.  Steady,
but slight improvement could be enough to increase consumer confidence in the later
part of 2012.  Economic recovery has been slower than expected and could certainly be
turned back by an increase in mortgage rates or fickle economic policy.  Per MLS data
the total number of homes on the market has decreased for the Denver Metro area by
40% as of December 2011.  December 2011 reports can be viewed below.

Foreclosure activity hit a 49-month low in December, with foreclosure filings at their
lowest monthly level since November 2007, according to RealtyTrac.  The Irvine, CA
company claims to publish the country's largest database of foreclosure and bank-owned
properties. According to their January report, which included actions such as default
notices, scheduled auctions and bank repossessions.  Activity nationally fell 9% last
month, compared with November, and is down 20% when compared with December
2010.  An annual drop was also reported in 2011, with foreclosure filings falling 34% last
year, compared with 2010.  Residential foreclosures for 2011 were 33% lower than in
2009 and 19% lower than in 2008.

At first glance there has been significant improvement in the housing market, but a
substantial reduction has been created by foreclosure processing delays in 2011.  The
housing market has not been able to run it's true course.  We have manipulated the
market artificially and exaggerated the decrease in foreclosures by slowing down the
processes due to regulation and the swamped courts.  While it is evident that
foreclosures have declined by slowing the process compared to their peak in 2010 there
may still be a resurgence of foreclosure activity in 2012.

There is certainly a lack of clarity regarding foreclosure activity in many states especially
in states where foreclosures are dependent on the judicial process.  Colorado primarily
operates the foreclosure process as a non-judicial process can complete the foreclosure
process relatively efficiently.   

In Colorado a foreclosure sale can be completed in 150 to 180 days from the time the
loan becomes delinquent, but typically 180-240 days is not uncommon.  That being said,
the states with some of the shortest foreclosure time lines include Georgia, Louisiana,
Mississippi, Minnesota, New Hampshire and Colorado are more representative of current
foreclosure trends within the housing market.  In those states, the average time to actual
foreclosure is 60 days from notice of default.  These states all  have a nonjudicial or
deed-of-trust system of foreclosure, which allows a lender to foreclose on a property
without court approval.

New foreclosure notices in Colorado fell to 23,338 filings during 2011’s first nine months,
falling 27 percent from the 32,009 filings reported during the same period of 2010.
According to a report released in December 2011 by the Colorado Division of Housing.  
“We’re going to see about 20,000 foreclosure filings this year. Clearly, there is a
downward trend for new filings,” according to Ryan McMaken, a spokesman with the
Colorado Division of Housing.

Below is some information on the Metro Denver housing market as of December, 20
2012.  Local
housing statistics and data can be found on my research and data page for
buyers or sellers looking analyze housing trends in Denver and the surrounding metro
area.  The links listed by county include, number of current listings on the market.  DOM
(Days on Market), Median Sales Price and sold price to list price comparisons as well as
other key indicators for Metro Denver.

Overall it looks like 2012 could be an improved year for Colorado real estate while the
market still presents some fantastic buying opportunities.  If anyone would like current
info on a county not included below I can get it quickly.  Send me an email and I'll either
forward it to you or post it here.  

Here is summary of expected interest rates for this year.

Colorado Division of Housing Looks at This Market January 20, 2012.
Brian Shaver
303-668-2603 direct
Innovative Real Estate
Brian Shaver Home Real Estate Denver
Brian Shaver, Broker Associate

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