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Investing in Pre Foreclosure Homes in Colorado Springs

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By : John Cutts    99 or more times read
Investing in pre foreclosure homes in Colorado Springs is timely as more distressed homeowners are participating in the short sales program of the federal government called Home Affordable Foreclosure Alternatives scheme.

Also, more lenders now are giving approvals to short sale proposals, as they recognize the benefits of selling distressed homes as opposed to repossessing and maintaining foreclosures.

Based on records from the Public Trustee Office of El Paso County, where Colorado Springs is situated, there were 2,384 foreclosure deeds executed in May, slightly higher than the 2,377 completed in April, but lower by a staggering 42 percent than the 4,101 completed one year earlier. From January to May, a total of 12,633 deeds were completed, lower by 11.3 percent than the 14,242 completed during the same period last year.

Investors also engaged in Colorado Springs pre foreclosures have more properties to consider as there were 382 new foreclosure filings in May. Although this number represented a decrease of 20 percent from the April total of 477 pre foreclosure homes and a drop of 18.4 percent from the May 2009 total of 468, the total number of pre-foreclosures from January to May is a substantial number to explore, which was 2,070. Last year, there were 2,299 pre foreclosures for the first 5 months.

The housing units set by the county for foreclosure sale recently included a unit financed by Chase Home with a lenderís bid amount of $129,590; a Deutsche Bank-finance unit with a bid amount of $210,000; and a OneWest Bank-financed unit with a bid amount of $396,331.

Among the current foreclosure property listings by one major real estate seller are a two-bedroom condo priced at $72,269 and a four-bedroom single-family house priced at $176,786. All in all, there were 2,630 foreclosed homes listed.

Investing in pre foreclosure homes and in foreclosed homes for sale in Colorado is profitable as Colorado is among the states quickly recovering from the housing meltdown.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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