Colorado Springs Vintage Homes Blog
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Archive for September 16th, 2009
Sales in West Colorado Springs are up for the year
Colorado Spring Real Estate – West Area
Market Report for September 2009 – Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
Search for homes in West Colorado Springs
The Colorado Springs West housing market continues to be a BUYERS Market, as there is currently an 6.8 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales units were ONLY down 1% from 2008 to 2007, but pricing was down more than16% from 2008 to 2007. 179 sales in 2009 vs. 158 sales in 2008, show an increase in sales for the first 8 months of the year.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004 Read the rest of this entry »
The Million Dollar Question
Related article: 3 Things to know about foreclosure homes for sale and Deal or no Deal
What is a Colorado Springs foreclosures?
FREE list of up-to-date foreclosures
First – Let’s define the word, Foreclosure. When buyers talk about foreclosure, what they mean is a bank-owned property that had been acquired through the foreclosure process.
What happens once the bank gets the property?
After the bank repossesses the property (typically at the Public Trustee Sale at the County courthouse), it is assigned to an Asset 
Manager and goes through several internal procedures before it is available for sale in the marketplace. One of the processes includes a market evaluation of the property which may include a full blown appraisal to tell the bank how much the property is worth. In some cases, the bank may order a BPO (Broker Price Opinion) from a real estate broker vs. a full-blown appraisal. Some banks order both appraisals and BPOs, or they may order multiple BPO’s. They may take the average price from the BPO’s or a combination of the appraisal and the BPO. The most important thing to remember, every lender seems to have a different process on how they price properties for sale. There is no set rule.
When a market value is established and procedures are completed, the property comes on the market available for sale to home buyers. This process may take 2 weeks, or months, months, and more months.
9638 Baltusrol – Foreclosure Date: 8/14/09
7872 Steward: Foreclosure Date: 8/31/09
6618 Bethesda: Foreclosure Date: 6/5/09
4849 Bluestem: Foreclosure Date: 3/25/09
2635 Deliverance: Foreclosure Date: 6/24/09
An important thing to remember: By the time, the property comes on the market, it is immaterial on how much was originally owed by the the previous homeowner. Banks are Read the rest of this entry »
