Distressed Homes in Colorado Springs Real Estate Market
Home prices are rising in the Colorado Springs real estate market. However, according to reports published by RealtyTrac, too many homes remain underwater. In their recent U.S. Home Equity and Underwater Report, several interesting trends appear to be at play. RealtyTrac is a leading online source for real estate data.
Experts expect a graceful merging of distressed inventory into the Colorado Springs housing market because housing inventory is low. In fact, the new inventory could serve to open up some more affordable options for buyers looking for properties in Colorado Springs.
The spike in foreclosure activity is being attributed to a technicality by analysts at RealtyTrac. They claim that the rate of foreclosures has been being artificially held down in Colorado Springs due to investigations into the activities of major law firms dealing with foreclosures. The foreclosure cases in question have been transferred to new law firms and are being refiled. Find more details in the Colorado Springs Business Journal real estate section (8/28/14 and 9/11/14).
Some of the statistics drawn from the Colorado Springs real estate market include the following:
- Colorado Springs is on the list of Metropolitan areas achieving the highest percentage of resurfacing equity with 28 percent.
- The August foreclosure rating Colorado Springs leapt 116 percent since August 2013.
- During August 2014 there were 159 foreclosure starts, up 133 percent over August 2013.
- The ratio of housing units in Colorado Springs that went into foreclosure in August was one out of every 1322.
- Just 42 foreclosures were completed in August, 36 percent less than in August 2013.
Within the state of Colorado, the equation is similar. Colorado is experiencing a high number of foreclosures of homes that have achieved equity. Foreclosure filings for properties in Colorado increased 57 percent year-over-year in July 2014. The highest percentage was in the Denver metropolitan area.
Assistance Buying/Selling Colorado Springs Colorado Real Estate
For more information about Colorado Springs homes, contact Ann Heiring, Colorado Springs real estate agent, at 719-440-1010. In appreciation for those who serve our nation, Ann offers rebates for active and retired military.
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