Colorado Springs Vintage Homes Blog
719.287.1049
Archive for April 3rd, 2009
Bargains are out there
Colorado Springs has a foreclosure problem — but it’s not as bad as the newspapers would make you think
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
In the past two years, Colorado Springs and surrounding communities have seen a record number of foreclosure filings: in El Paso County there were 4,602 in 2008, and 3,556 in 2007. Those numbers may seem high, but in 1988 (over 20 years ago), it reached a high of 3,476 and the population was probably half of what it is now. Year-to-date, according to the Public Trustee’s web site, there have been 522 foreclosures; an average of 174 foreclosures a month.
As a result, it’s a great time for buyers and investors in Colorado Springs and anyone relocating to Colorado Springs to find some bargain opportunities in foreclosed homes. Many people that may not have been able to buy before, now have a better selection of homes in the lower end price category.
A
s I’ve been setting up some automatic property searches from the local MLS database for some buyers I’m working with, it made me think on how much the market has changed. A couple of years ago, it was almost impossible for a buyer to find a habitable home in Colorado Springs for less than $150,000; and there was very little under $100,000. So of course, I thought I’d research some numbers and see what the statistics showed. Sure enough, in 2008 there was almost twice as many single family homes under $100,000 that sold than the year before.
Here’s some foreclosure facts
A foreclosure is a legal action that a lender(s) takes against a homeowner who miss several mortgage payments. Read the rest of this entry »
