Since the lofty number of foreclosures has been plaguing both the Denver and national real estate markets for the past year, TeamCox Realtors constantly monitors foreclosure numbers and trends. There is good and bad news on the Denver foreclosure front:
The Good News: Thankfully, the Denver metro area is quickly loosing ground in the rankings that measure the number of foreclosures among 100 metropolitan areas. According to a recent report from RealtyTrac, the Denver metro area (including Denver and Aurora) posted the ninth-highest foreclosure rate in the country in 2007.
While this ranking is hardly material for the Denver Chamber of Commerce brochure, the good news is that this ninth position is actually a bit of relief since Denver had the highest rate of foreclosures in 2006, a time when other real estate markets were flourishing. Denver happily relinquishes its top spot to Detroit, Michigan, Stockton, California, and Las Vegas, Nevada. Since Denver saw an increasing number of foreclosures prior to many other parts of the country, there is hope that the Denver real estate market will also see a housing rebound first.
The Bad News: Despite the lower ranking, according to a recent article in The Denver Post, the number of foreclosures in the Denver metro area still increased 28% in 2007.
For more information on the state of the Denver real estate market, please contact TeamCox Realtors.