The drop in Aurora distressed properties in May followed the statewide trend of declining month-over-month.
The claws of foreclosure are now moving away from Aurora and creeping into more affluent areas in Jefferson, Boulder and Douglas. Aurora still has the biggest number of distressed houses in Arapahoe County, but foreclosure filings have started to drop over the month.
However, the total number of foreclosure homes from January to May in Arapahoe was still higher than the total during the same period in 2009. In the first five months of this year, there were 1,476 completed foreclosures, up by 31.6 percent from the 1,121 total last year.
Investing in Aurora distressed properties is profitable because there are indications for economic growth in the area. Being part of Greater Denver is beneficial as any improvement in Denver translates into something positive in Aurora.
Among the positive developments in Aurora is the allocation of federal money to rehabilitate fixer upper homes for sale and then resell them to lower-income families. Another is the mandatory registration of all foreclosure homes in the city so they can be monitored. With neighborhoods being preserved, investments in foreclosure properties will have greater yield prospects.
Habitat for Humanity is also doing reconstruction work in Aurora. It has been tearing down dilapidated homes and then reconstructing them for resale as affordable housing units. The project is also being used as an additional learning opportunity for students enrolled in the city’s alternative high schools. It also creates jobs, as these students are being paid the minimum wage in the area.
The pace of housing units becoming distressed properties in Colorado also slowed down in May. From its tenth ranking in foreclosure rate in April, Colorado moved down two places to 12th in May. A total of 4,843 foreclosure filings were posted, representing one filing for every 444 housing units in May, which is lower than the one-in-400 national foreclosure rate.
Despite the decline in Aurora distressed properties, there are still a lot of home buying opportunities in the area, as can be seen in the websites of reliable foreclosure listings.
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