A planned troop deployment is expected to have significant effects on rental apartments and VA foreclosed homes in Colorado Springs. According to the Military Affairs Council of the Colorado Springs Chamber of Commerce, nearly 10,000 soldiers based at Fort Carson in Colorado Springs will be deployed to overseas assignments by October.
This deployment, one of the biggest in the city’s history, is expected to have a substantial economic impact, particularly on the rental apartment sector, based on projections by the Pikes Peak Area Council of Governments. Vacancy rates for apartments, which improved over the past months, could spike again into double-digit rates, especially in the central, east and southeast sub-markets, as military families and dependents are expected to leave their apartments.
Fort Carson, which hosts 25,000 active-duty military personnel, has been a strong driver of economic activities in Colorado Springs.
Troop deployment can also affect the number of VA foreclosed homes, as deployment can exacerbate certain marriage problems and can cause some military families to abandon their mortgages. It can also push some families to buy homes or move up and obtain mortgages more than they can afford, eventually leading them to default and repossession. But mostly, deployments can help prevent distressed homes from entering list of foreclosures, as deployments mean assured employment and income and mean that mortgages are going to be paid.
The total of housing units that became at risk of entering listings of Colorado foreclosed homes for sale in May dropped, as the economy continued to show signs of recovery and growth. Foreclosure postings fell by more than 24 percent to 4,843 filings in May from 6,382 filings in the preceding month. The pace of Colorado Springs foreclosure auctions also slowed, following the statewide trend.
Despite concerns about the effects of troop deployment on economic activities in Colorado Springs, it is hoped that deployment will help curb the number of VA foreclosed homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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