The number of Denver foreclosures for sale is expected to grow by as much as 3.5 million in the next two years. This is the bleak prediction of industry experts as they noted the increasing number of homeowners who lost their jobs or have reduced their income.
Market data showed that 2009 will surpassed the number of foreclosure filings posted in 2007 and 2008. Additionally the number of actual foreclosures is accelerating on a steady pace. Colorado's foreclosure rate is not the highest in the country but it is one of the top ranking states with high foreclosure rates.
Industry experts said that the foreclosure crisis has become a major factor hindering the recovery of the housing market. This is because low-priced foreclosure homes are pulling down prices and values of neighboring houses. But they pointed out that many smart investors and first-time buyers have taken advantage of the situation and flocked to the Colorado market to buy low-priced Denver foreclosed homes for sale.
Experts said that the foreclosure crisis is a tragedy beyond compare for many homeowners, but has created a unique opportunity for some. Because of the low-priced foreclosure homes, many sellers were forced to reduce prices of their properties on the market to be able to compete with foreclosure properties, thus making Colorado a buyer's market.
Industry experts said that interested investors and first-time buyers can still take advantage of the low-priced foreclosure properties in the area. However, experts said that prospective buyers should always keep in mind that buying distressed properties is different from purchasing a new house or one that is not foreclosed.
They advise prospective buyers to take some time learning about the foreclosure market in the area where they plan to buy. Also, they should take note of where they can buy cheap foreclosure properties in good condition. Properties sold through short selling are some options that buyers can take when choosing a foreclosed home to buy, experts said. Short selling means lenders are agreeable for homeowners to sell their distressed properties at prices less than the amount of mortgage they owed.
It is hard to tell how far the number of foreclosure homes will go up. But most experts agree that the economy is nearing bottom, adding that potential buyers should act now while low-priced foreclosure homes are still flooding the housing market.
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