Colorado Foreclosure Homes for Sale

The impact of the national and global recession has been less in Colorado than many neighbouring States but is has still had a significant impact.  The principal areas that have been most widely noticed by the 4.8 million residents have been foreclosure homes for sale, unemployment and housing negative equity.

Unemployment in the State in 2007 was at 3.7 percent in October last year, and now that figure has risen dramatically to 5.3 percent, which although still below the national average, is high and equates to 147,000 people out of work across the State.  Pueblo has the highest recorded unemployment figure in Colorado with is right up at 6.7 percent, which is up from the previous month’s 5.2 percent, so that is not looking promising.

The Christmas season is approaching fast and for many people, spending money on presents is the last thing on their mind as they tighten their belt and concentrate on keeping their jobs and making regular payments on their mortgage.  It is at this time of year when credit can easily spiral out of control and once payments start being missed, the trend is difficult to reverse.

Unemployment and foreclosure are, unsurprisingly, closely related and as the unemployment rate has been rising, so has the number of foreclosure homes for sale.  This can be clearly seen by the numbers of desolate and vandalised and abandoned houses littering quiet neighbourhoods across Colorado.  When repossession occur, the residents often take fixtures and fittings with them, in some cases, stripping out copper piping.

The federal government acknowledges this unfolding crisis and has allocated an estimate $24 billion dollars of bail out money to assist and hopefully alleviate the crisis.  This money will most likely not directly affect those struggling to make payments and prevent their home from being repossessed, more likely it will be aimed at assisting in re-selling the high numbers of poor condition houses on the market.

Many residents are forced to live in their house next door to a foreclosed property, which in turn brings down the value of their home.  The bank becomes the owner of the property once it has been foreclosed and they have neither the time nor the inclination to maintain the houses properly as they become easy targets for vandals, bored teenagers, or squatters.

For many people who may have been made unemployed, or simply wish to move houses, now is a bad time as people find themselves in negative equity, or ‘underwater’ as the housing market terms the problem.  Colorado residents are doing everything they can to keep their heads above water.

Search Colorado Foreclosure Homes by County

• Jefferson County Foreclosure Homes
• Adams County Foreclosure Homes
• Arapahoe County Foreclosure Homes
• Douglas County Foreclosure Homes
• Denver County Foreclosure Homes

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