Colorado Springs Vintage Homes Blog
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Archive for June 5th, 2009
Foreclosures represent 33% of the closed sales
Foreclosure bargains in Colorado Springs?
Many home buyers say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008. Although I don’t have any data to back this up, I think these numbers seem very similar to what I’m finding in the Colorado Springs area from home buyers.
The report is also full of interesting tidbits, including that 40 percent expect to pay at least 50 percent less for a foreclosed home. The Colorado Springs real estate market does have it’s share of bank-owned properties for sale; and the good deals go quick and fast; they don’t last on the market and many of them get multiple offers. They are definitely not 50% less than market prices; more like 15% to 25% less than market price. All of these things made me wonder how much of the sales in the area for last 5 months have been bank-owned. Consequently I did some quick market stats; and 33% of the closed sales in 2009 in the Colorado Springs area were from some type of foreclosure or pre-foreclosure property.
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To find out more information about buying a foreclosure in Colorado Springs, call
Kathy (719-287-1049) KTorline@msn.com
