As Colorado recovers from the foreclosure crisis and as house prices improve, flipping property becomes more profitable.
In Denver, the largest city in Colorado, house prices have been improving. For all homes sold from the first week of March to the first week of May, the median price was $185,800, a sharp jump of more than 14 percent from the median one year earlier.
On the website of one listings provider, the number of nondistressed homes for sale in Denver is now far above the number of foreclosures for sale. The average listing price is $391,995 for all types of homes.
In Aurora, a city that encompasses areas of Arapahoe, Adams and Douglas counties, house prices also improved in April and in May as Aurora foreclosure auctions slowed down. The median price for units sold from March to May increased to $157,950, an improvement of nearly 13 percent compared from the median one year earlier.
Based on data from one major real estate seller, there are still more units in foreclosure property listings in Aurora compared to those in nondistressed listings, but the gap has narrowed, indicating similar foreclosure trends in Aurora and in Colorado.
Foreclosure auctions in Colorado slowed sharply in May, as it moved down the foreclosure rate charts from tenth in April to 12th in May. This is one strong argument for flipping property in the state as economic growth and recovery from the housing crisis mean that more people are able to buy homes at higher prices. Higher prices mean higher profit margins for resellers.
Foreclosure filings in Colorado fell by more than 24 percent in May compared to the prior month and by almost one percent compared to May 2009. The 4,843 total of units hit with default and foreclosure notices represented just 1.5 percent of the overall filings in the country in May. Nonetheless, the number of distressed homes is still a good figure for investors engaged in flipping property in Colorado.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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