Colorado Foreclosed Homes for Sale
Despite the high number of federal government jobs in Colorado, the economic recession that has struck America and much of the globe has not entirely missed the State, although it has had less impact that on many of its neighbours.
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.
Search Foreclosures For Sale
Or search foreclosures by state…
If you liked that post, then try these...
Denver Foreclosures For Sale by admin on January 8th, 2009
.
