Better profit prospects are on hand for investors in Colorado Springs repo homes as the city, together with Denver, topped all other metro areas in the mountain west in pace of economic recovery in the first quarter, based on records from Brookings Institute.
Brookings analysts said that Colorado Springs had the lowest number of job lost in the region that includes Colorado, Arizona, Nevada, Idaho, Utah, Wyoming and Mexico. Colorado Springs and Denver also experienced economic growth during the quarter and have already surpassed their gross metro product levels before the recession.
In compiling their mountain west economic report, Brookings analysts studied jobs, production output, repossessed properties for sale and house prices.
Despite the positive economic developments in Colorado Springs and in Denver, six of the largest metro areas in the region are still struggling and their unemployment rates are still rising.
However, foreclosure activity across Colorado slowed down substantially over the month in May. The number of new foreclosure filings dropped by 18.4 percent to 2,633 compared to the total in April, based on numbers from the state housing division. It was the lowest total for any month over the past 18 months.
The number of residential units that became repo homes in Colorado also dropped in May, with the number of homes posted for foreclosure auction falling to 1,459. This number, however, is still relatively high for buyers looking for Colorado Springs repo homes and other foreclosures in the state.
In another report, the foreclosure pace in Colorado also decelerated in May by 24.1 percent over the month and by 0.7 percent over the year. As its foreclosure rate of one foreclosure filing for every 444 homes marked a drop from both April 2010 and May 2009, its tenth rate ranking in May improved to 12th, with Maryland taking its place on the chart.
All in all, investors in Colorado Springs repo homes and residents hope that the recovery in the metro area continues to step up.
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