Foreclosures for Sale in Arapahoe County
With rising mortgage prices and unprecedented numbers of foreclosures across the State, Colorado has been taking measure against deceptive mortgage brokers and foreclosure rescue firms. Investigations into some of these dubious deals began at the start of the foreclosure crisis that has become a part of everyday life in Colorado, and now the fruits of those investigations are being harvested.
New advertising standards have been introduced with mortgage companies now being unable to offer complex arrangements with unclear small print; the kind of activities that sparked the sub-prime mortgage crisis in the first place. One company, Englewood’s Encore Lending, LLC, and one of its owners, Paul Baker admitted to actually depositing money in the borrower’s accounts so that they would qualify for a larger mortgage based on a larger income; they have been forced to surrender their mortgage license.
With such dishonest advertising and practice now being exposed, it is hoped that borrowers will be more cautious and not simply take what looks to be the best offer at the time. The key is in the small print, is the advice the Colorado Housing Division is giving out.
Aurora has been suffering from the foreclosure crisis more than many Colorado cities. RelatyTrac, a California based tracking company that has been analysing foreclosure statistics since the start of the crisis in the summer of 2007, reports that Aurora currently has 3,422 bank owned properties, and 35 government owned foreclosures available for auction, with 1,999 already up for auction. There are a further 43 properties at some stage of pre-foreclosure. These figures are not good, despite Colorado reporting a drop in foreclosures for the third quarter..
This reported drop in the number of foreclosures is good news with a 3 percent drop in sales and 14 percent drop in filings. However, we must realise that this is a drop in the number of foreclosures, the number of foreclosures for sale is not reducing, on the rate of increase is slowing down. So although the future looks brighter than Nevada who have been leading the tables for 23 months, recession still has a firm grip on the County.
There appears to be a divergence of foreclosure statistics across the State with the east being worst affected, and the decreases in filings being more apparent in the west. One is every 992 homes is affected in Weld County, whilst one in every 5,434 homes is affected in Garfield County; no-one is able to provide any reasonable explanation for this fact.
Unemployment is still rising and is expected to continue to rise until the end of the first quarter of 2009, so homeowners are not rejoicing at the news of decreasing figures – they are simply focussed on keeping their jobs and making their own mortgage payments.
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