There are more opportunities for closing foreclosure short sales in Aurora, Colorado as filings continue to surge in the metro area.
In the first quarter, the Denver-Aurora metro area posted a total of 9,137 foreclosure filings, accounting for more than 70 percent of the 13,037 filings posted across Colorado and marking a jump of 11.2 percent from the prior quarter and a jump of more than 16 percent from the first quarter last year.
With the still relatively high number of filings, Aurora foreclosure investing is practicable. Both the month-over-month and year-over-year rates of increase were higher than the nationwide rates of increases.
Investing in cheap homes in Colorado is also viable as the state was tenth among the states in foreclosure rate in the first quarter. Statewide, a total of 16,023 foreclosure filings were posted during the quarter, including 10,720 pre foreclosures and 5,303 real estate foreclosed homes.
One filing was posted across the state for every 134 homes, marking a jump of almost 9 percent from the prior quarter and an increase of more than 27 percent from the first quarter last year.
The nearly 11,000 units added to existing inventory of properties that could be negotiated for foreclosure short sales increased opportunities for pre foreclosure investors in Colorado, based on figures from an online real estate firm.
Foreclosure data from the Colorado Division of Housing also showed sharp increases in filings, particularly in Greeley and in other parts of Weld County and in Longmont and in other parts of Boulder County.
Meanwhile, as unemployment continues to drive defaults and foreclosures in the city of Aurora, the Aurora Economic Development Council has been working to create jobs to help residents. In 2009, the AECD has helped create 2,183 jobs, and in the first months of this year, it has already provided 654 more jobs.
Recently, the AECD has brought the trade school EcoTech Institute to the city, adding around 75 jobs. Now, it is trying to attract a big employer to move to the Horizon Uptown office complex downtown. It has been offering discounts in certain business fees to entice enterprises to move to Aurora.
In March, the Denver-Aurora area gained more than 6,000 jobs, raising hopes that more residents would be able to afford lower-priced foreclosure short sales in the metro area and that more homeowners would be able to save their homes from foreclosure.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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