Colorado Foreclosure Update

Colorado has had many problems with foreclosures lately.  Colorado have ranked in the top 3 states for foreclosures in the past couple years.

There are some areas that have a higher foreclosure rate and the foreclosures are lowering the home value of surrounding homes in these areas.

The top three counties in Colorado for foreclosures are Weld County, Costilla County, and Elbert County.  Costilla County had the most foreclosures with roughly 252 out of every 1000 home purchases resulting in foreclosure.

The only good to come out of these foreclosures is opportunities for investors and first time home buyers.  Investors can pick up a Colorado foreclosure for a lot less than it is worth and have instant equity.  They can do a little cosmetic fix up on the home and wait until the market is better and resell it for a profit.

First time home buyers can get a home to fit their needs at their budget.  They can get a foreclosure for less than the home is actually worth and therefore have a lower monthly mortgage payment.

Colorado continues to have a foreclosure problem that is economically hurting some areas but it also has it's positives for some homeowners as well.

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