Foreclosures Ending?

Are Foreclosures done in Denver?

by Bruce McQuiston, www.macgrouphomes.com

HUD Foreclosures have been cut dramatically in the Denver area.

That is a great question and the answer is that Foreclosure sales are way off of the pace from the past two years. Foreclosure inventories by the top Foreclosure specialists are in most cases less than half of what they were just a year ago. Can it be that Denver is out of the woods and moving slowly to a “normal” market? Because we were the first ones in the Foreclosure mess, are we the first ones out of it? It definitely looks that way.

Except……try to find a house in the North Metro area that is not a short sale….it is very difficult….and the Banks are not really putting them together…the Second Mortgage holders are even more difficult to work with …so these deals are challenging to say the least! The Short sale plight extends to Southwest Denver and even to the upscale Cherry Creek. So one has to wonder….if the Banks are not putting these deals together, then will Denver experience another round of Foreclosures. Time will tell on that issue.

What is the opportunity here? Buyers are REALLY in the driver’s seat, prices are down, over all sales are down in the Metro area. The time to buy is NOW! This is the case in all price ranges, but especially in the $500,000+ range. A Seller in the $350,000 price range will take a hit when he sells, but more than make up the difference on the move up and when Denver metro starts to get some appreciation, that investment will pay huge dividends and will grow much faster than the lower priced house. The $1,000,000+ range is an even better opportunity!!

The Denver area has lost jobs over the past couple of years, but it remains an awesome place to live and the infrastructure is being built or in some case already available to pave the way for a complete recovery. All of the experts are picking Denver to be THE place to be. The opportunity is there for the taking!!