This is excellent news for homeowners and the economy alike as it represents a 24 percent decrease in filings and a 9 percent drop in actual foreclosure sales from the same period in 2007. Experts say that all this points to a much more significant drop for the next quarter and in to next year, providing perhaps the much needed financial confidence that people are looking for.

Colorado seems to be coming out of the foreclosure crisis faster than many other States across the nation, and in fact this has some experts concerned. The crux of the issue is consumer confidence and whilst the rest of the country continues to spiral down into recession, Colorado and Denver being the capital, will not be immune. People are still being extremely cautious about spending their money and until consumer spending increases, the economy cannot repair itself.

In an effort to lend their hand, Banks are also becoming slightly more lenient on stamping up Notices to Default and are being more understanding about loss mitigation, both of which are welcomed with open arms by struggling residents across Denver.

The experts predict that the foreclosures for sale figure will continue to drop in to the next year, but any sharp increase in the unemployment rate could quickly reverse that trend. If unemployment rises then ordinary hard working residents simply will not be able to meet mortgage payments and inevitable foreclosure filings will follow.

The majority of observers are not counting their chickens just yet, knowing full well that a one quarter improvement in foreclosure figures does not indicate the light at the end of the tunnel that is a global economic recession. Statisticians have already referred to this drop as an anomaly rather than a trend.

There are real hopes that the $24 million federal rescue package will reap dividends in Denver to avoid future home foreclosures. Much of the money will be directed towards the provision of counselling for those who simply do not know which direction to turn when considering how to avoid their home being repossessed. The most common theme for advisors is to contact the lender and start the process of loan re-negotiation; the banks do not want to foreclose, they would like to receive their loan back, and they do not want to end up as the de facto owner, so get in touch.

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The unemployment rate in the State is on the increase at 5.3 percent in October, which was a rise from 4.9 percent in September, this equates to 147,000 people out of work. In Pueblo, Colorado, the highest figure was recorded for the State at 6.7 percent, up from 5.2 percent the previous month. To put this in perspective, the State unemployment rate for the same time in 2007 was just 3.6 percent.

These unemployment figures make for grim reading as the Christmas holiday season approaches fast. There are many knock-on effects of this rise in unemployment figures. The most stark and noticeable difference from 2007 is the increasing number of Colorado foreclosed homes for sale. The reason this is the most noticeable is because of the distinct sight of abandoned and desolate houses littering the quiet neighbourhoods of the State.

The foreclosures for sale in themselves have knock-on effects for the local economy as people focus on keeping their heads above water they simply are not spending any money in local shops unless it is for essentials. This makes it harder for the shopkeepers to maintain their livelihood, and so the circle of recession continues to deepen.

The federal government is alive to the situation and have offered around $24 billion of bail out money to assist with fending off future foreclosures. This will do little to help those who are about to lose their hose this side of Christmas however, and will still not assist those homeowners who find the price of their property slumping as they live next door to an abandoned house.

The prospect of negative equity for many residents is very real and in some cases, couples who have become estranged in their relationships are unable to move out of their marital home. Their house may be in negative equity so selling it would be foolhardy, and they cannot afford to rent or buy if they move out. In once Denver case, the ex-husband is living in a small mobile home at the end of the garden of the main residence in which he spent 5 years married to the person who now lives there! There are other cases being reported of one half of a divorced couple even living in their car at night. Everyone is holding their breath for some relief from this recession.

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