There is good news on the Denver real estate front! A recent RealtyTrac report reveals that while Colorado still has the tenth highest foreclosure rate in the country, foreclosures continue to decline across the state.  In September, there were 4,855 Colorado foreclosure filings, which equates to one out of every 447 housing units. This is the tenth highest foreclosure rate in the country. While this is one “top ten” list we don’t want to be included on, Colorado once topped this dreaded list at the onset of the real estate meltdown.

The national foreclosure rate is also declining with foreclosure filings on 214,855 properties in September, which is a 6 percent decrease from August and a 38 percent decrease from September 2010. Nevada had the highest foreclosure rate in the country in September (one out of every 44 households).

While it is great news that Colorado’s foreclosure rate is falling, we realize that there are still many distressed Denver homeowners. If you are having trouble making your monthly mortgage payment, please contact TeamCox Realtors at 303-400-6060. We are trained Certified Distressed Property Experts, or CDPEs, and are here to help you explore your options, including short sales or loan modifications.

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Colorado’s foreclosure picture continues to improve. Realty Trac recently released updated numbers, revealing that Colorado’s foreclosure activity (during the first six months of 2011) fell 14.7 percent from last year. Colorado’s current foreclosure rate is one out of every 84 housing units.

This is great news regarding the health of the Denver real estate market. The bad news is that foreclosures continue to plague Colorado more than most states, ranking ninth in the number of foreclosures across the country. This trend has lingered since the beginning of the housing crisis – Colorado once topped the nation in its number of foreclosures.

One foreclosure is too many since there are many options to avoid foreclosure, including loan modification, a short sale, etc. For more information on foreclosures in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060. As a trained Certified Distressed Property Expert (CDPE), we specialize in helping distressed Denver homeowners avoid foreclosure.

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 There is good news and bad news on the Colorado foreclosure front. According to a recent article in The Denver Post, fewer Colorado homeowners are entering foreclosure. That’s the good news, but unfortunately, once they get behind on their mortgages, more of them are losing their homes. As of the end of September, Colorado foreclosure sales were on track to surpass the record set in 2007. However, the recent foreclosure processing slowdown will likely prevent this from happening.

The article predicts that Colorado is likely to have around 40,000 foreclosure filings this year, which is close to 2007 and 2008 levels, but lower that the record of 46,394 foreclosures set in last year (2009).

Foreclosure is a stressful, life-altering experience that should be avoided at all costs. TeamCox Realtors – Denver real estate specialists - is dedicated to assisting homeowners with avoiding foreclosure in the Denver area. We are trained CDPEs (Certified Distressed Property Experts) who have helped many Denver homeowners avoid foreclosure through Denver short sales, loan modification, or other alternatives. If you are a distressed homeowner, please contact us at 303-400-6060, so we can help you.

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RealtyTrac released new foreclosure filing statistics last week, revealing that Colorado has the country’s tenth highest foreclosure rate in the second quarter of 2010. Colorado’s foreclosure filings decreased 4.59 percent from the first quarter of this year, but increased 4.73 percent from the same quarter of last year.

According to the report, in the second quarter of this year, Colorado had 15,287 foreclosure filings, which is around one foreclosure out of every 141 housing units. The national foreclosure rate is one out every 144 housing units. While tenth (on a list that we don’t want to be on) may sound high, keep in mind that our state once ranked toward the very top of this list, so we’ll take tenth for now. California had the highest number of foreclosures in the country.

Are you a Denver homeowner in distress? TeamCox Realtors is a Certified Distressed Property Expert, or CDPE. We have undergone extensive training to help Denver homeowners explore options to avoid foreclosure, including exploring a possible Denver short sale, or a even a loan modification. Please contact us at 303-400-6060 to see if we how we can help you.

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Where are the most short sales in Denver?

According to a recent article in the Business Journal, at the end of the first quarter of this year, there were 2,492 single-family short sales in the Denver real estate market. Which county had the most short sales listed for sale?  Arapahoe County had the most listed short sales (624), and was followed by Adams (581), Denver (497), Jefferson (393) and Douglas (387) counties. Adams County saw a 34 percent decrease in the number of short sales, which was the largest drop. Short sales continue to plague Arapahoe County, which had the smallest decrease at 2 percent.

Many Denver real estate experts expect to see more short sales in 2010 than in 2009 as more sellers become aware of the process, and new government guidelines make short sales easier.

If you are a distressed homeowner in the Denver area, please contact Arapahoe-county based TeamCox Realtors at 303-400-6060 for assistance. We are Certified Distressed Property Experts, or CDPEs, trained to help homeowners avoid foreclosure in Denver. There are many options to explore before going through a harrowing foreclosure, including loan modification,  Denver short sale, and many more. We are here to help, so please give us a call at the first sign of trouble paying your mortgage.

Short Sales in Denver

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Several states, including California, Florida, Michigan, and Arizona, plan to bail out their troubled homeowners, using a total of $1.4 billion that the Obama Administration is allotting them. The money will go to help unemployed and underwater homeowners with their mortgage troubles. The plans vary by state, but have two things in common – paying all of part of troubled homeowners’ mortgages for up to two years, and paying down underwater loan balances. Several other states, including Nevada and North Carolina, are also receiving federal funds, but their plans are unknown at this time.

This new plan is obviously very controversial. Advocates for it say it is best to stall the foreclosure crisis that is dragging down property values across the country. Opponents say that it is enabling people to not pay their mortgages and it is immoral.

No luck right now for distressed homeowners in Denver. If you need help avoiding foreclosure in Denver, please contact Team Cox Realtors at 303-400-6060. As trained CDPEs, or Certified Distressed Property Experts, we specialize in helping homeowners find other options other than foreclosure, including Denver short sales, or loan modifications.

How do you feel about this? We want to hear from you so please comment below!

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Denver Short Sales

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There were some new short sale guidelines implemented last month that are already having a large impact on Denver short sales. While they do not apply to Fannie Mae and Freddie Mac loans, they do apply to any lender participating in the Obama Administration’s Home Affordable Modification Program, including Bank of America and JP Morgan Chase.  The new guidelines (implemented at the beginning of April) include:

-Banks must now respond to a short sale offer within 10 days. This is a huge relief to Denver buyers and sellers who have waited up to six months for a response in some cases.

-Denver short sale sellers will now receive a $3,000 relocation allowance. They are also relieved of any responsibility for the remaining debt.

- As of April 5th, lenders now receive $1000 to cover administrative expenses and any second lien holder will also get $1,000.

For information on short sales in Denver, please contact TeamCox Realtors at 303-400-6060. We are trained Certified Distressed Property Experts, or CDPEs,specializing in helping distressed Denver homeowners avoid foreclosure in Denver.

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Short Sales in Denver

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Banks are Warming Up to Short Sales

While banks have notoriously been resistant to short sales, as this recession crawls on, they are beginning to warm up to short sales in increasing numbers. During the first six months of 2009, the number of short sales tripled to 40,000 from a year earlier. Why the change of heart? Banks are under pressure from the government to approve short sales. The Treasury Department also recently unveiled a plan to incentivize lenders and loan services to close short sales.

The bad news is that for every short sale, there were 25 foreclosures started or completed in the first half of this year. One foreclosure is too many. It is essential that if you are a distressed homeowner in Denver, that you seek help from a trained real estate professional, preferably a Certified Distressed Property Expert, or CDPE, who can help you avoid foreclosure.

For more information on short sales in Denver, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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As one of the first Denver-area real estate agents to obtain the title of Certified Distressed Experts, or CDPE, in 2008, we are often asked about short sales - what is a short sale and how does the process work?  A short sale is when a qualified homeowner offers his or her lender, in the form of a bona fide written contract, an amount less than is owed on the liens. There may be two or more liens, sometimes there are IRS liens, or other encumbrances that must also be satisfied.

Short sales are becoming an increasingly common alternative to foreclosures, with the number of short sales tripling to 40,000 during the first six months of 2009,

 This type of transaction cannot successfully be handled without the knowledge and experience of a trained and skilled real estate agent, preferably with the gold-standard of education – CDPE.

Seven out of 10 homeowners do not get the help they need, which often leads to a foreclosure.  This is a devastating alternative.  If you need help, please do not delay in contacting TeamCox Realtors – Denver real estate specialist – at 303-400-6060.  

Avoid Foreclosure in Denver

TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.

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The U.S. Treasury set long-awaited guidance yesterday, through the Home Affordable Foreclosure Alternatives Program, which is designed to expedite the short sale process of homes and for other loan modification alternatives to slow the rising rampant pace of foreclosures.

Since TeamCox Realtors, Certified Distressed Property Experts, or “CDPE,” actively helps distressed Denver homeowners facing foreclosure, we are pleased to see this new piece of legislation. A few of the new guidelines are setting limits on the time it takes a bank to approve an offer and capping claims of subordinate lenders.

If you are in financial difficulty and facing foreclosure, pick up the phone and call a knowledgeable real estate agent immediately.  Do not delay.  We can help, and now with the Dept. of the Treasury behind us, we have greater means of offering assistance.

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What is a Short Sale?

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