Mariana Wagner

Colorado Springs Foreclosures: RealtyTrac’s 2009 Foreclosure Report Gives Reason For Optimism

The Colorado Springs real estate market saw 1,487 foreclosures in 2009.

Read More: Colorado Springs Foreclosure Report for 2009

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

1. California
2. Florida
3. Arizona
4. Illinois

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.

1. 40 states fell below the national Foreclosures Per Capita average in 2009
2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Foreclosures are still prevalent, though, and buying homes in foreclosure continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”.  Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read More: Buying a Colorado Springs Foreclosure or Bank Owned Home

Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps.  If you like what you see, talk to your real estate agent about what to do next.

There’s still good deals in the foreclosure market — you just have to know where to find them

Content of this article brought to you by Bring the Blog.

For more information on buying a Colorado Springs foreclosure, please contact the Wagner iTeam for a free, no-obligation home buying consultation: 719.434.7525

January 23rd, 2010 by Mariana Wagner | Leave A Comment

This entry was posted on Saturday, January 23rd, 2010 at 10:45 am and is filed under Colorado Springs Homes, Colorado Springs Real Estate, Foreclosure Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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