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Taking Advantage of Denver Distressed Properties for Sale

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By : Allana Castro    99 or more times read
As the number of Denver distressed properties for sale continues to drop, investors and other buyers are doing well if they are stepping up their search and purchases before the inventory plunges to meager levels.

In May, foreclosure filings, which mark the start of the foreclosure process in Colorado, fell by 10.5 percent in Denver to 375, down from 419 in April. In a group of 12 counties that include Denver, the combined total of 2,633 foreclosure filings in May also marked a drop of 18.4 percent from the April total of 3,228.

The number of units repossessed by banks or bought and then added to listings of Denver distressed properties for sale in May also dropped. A total of 209 units changed hands through foreclosure sales, down by more than 19 percent from 259 units in the preceding month. In the 12-country area, total foreclosure sales also fell by 19.2 percent from 1,806 units in April to 1,459 units in May.

Similarly, the number of distressed homes in Colorado in May also decreased. The total of initial foreclosure notices dropped by almost 18 percent over the year and by more than 16 percent compared to the May 2008 total. Completed foreclosures also dropped in 12 urban counties in May over the month by 19.2 percent, but increased by more than 18 percent compared to the total in May 2009 and by 27 percent compared to the May 200 total.

Buyers can find bargain fixer uppers in Colorado because a number of distressed properties have been in the foreclosure process since last year. This means that some properties have been vacant and untended for the past several months.

Additionally, buying Denver distressed properties for sale for investment purposes is a viable endeavor because Colorado is among the states fast recovering from the housing meltdown. Its foreclosure rate has plunged sharply, pushing the state from tenth on the foreclosure charts in April down to 12th in May.
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