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High end foreclosures on the upswing in Colorado Springs
Foreclosures are going upscale across Colorado Springs
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While the high-end numbers are less in Colorado Springs than the lower-priced foreclosures, there has been a growth that reflects a 
significant shift in the foreclosure landscape and its underlying causes. Mortgage problems have moved upstream; partially because of economic conditions such as unemployment and stock losses. Also in play is a different type of risky loan called option ARM (adjustable rate mortgage) and interest only loans.
It definitely seems like the focus is shifting as we’re seeing more defaults, foreclosures and short sales in the more-affluent Colorado Springs communities. Some national experts emphasize that the foreclosure numbers don’t reflect the extent of distress at the high end. Banks are more likely to pursue short sales in luxury Colorado Springs luxury homes, in which the homeowner stays put while marketing the home for less than is owed on the mortgage.
Experts agreed that high-end homes take longer to become foreclosures because affluent people have more resources, consequently they likely to extend the time they’re struggling to make payments.
I looked over the Post Sale List dated 8-4-2010 from the El Paso Public Trustee’s office, and there is definitely evidence that foreclosures are going upscale. There was one property over $1,000,000 that was foreclosed on, 1 over $700,000, 1 over 500,000; and several over 300,000. When I compare this to the same list over a year ago, there were no Colorado Springs properties foreclosed on over $300,000.
There are currently 52 Bank-owned properties on the Colorado Springs market over $300,000; including several homes in the Broadmoor area, as well as in homes in Black Forest and in Monument.
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Kathy (719-287-1049) KTorline@msn.com
great post