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Duplex Fire Made Problem of Bank and Fannie Mae Foreclosure Lists Worse

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By : John Cutts    99 or more times read
A duplex in Steamboat Springs, Colorado was destroyed during an August 14 fire. According to residents, the incident embodies the problems facing the county, including expanding bank and Fannie Mae foreclosure lists, immigration and high unemployment rates.

The number of foreclosed properties remains a major concern in the state, with almost all local areas suffering from rising foreclosure numbers, including Colorado Springs foreclosure listings. Families living in the state have stated that the housing market problem is further aggravated by other issues, such as immigration and surging number of jobless people.

According to local reports, the duplex at Fourth and Oak Streets is just one of the many properties under Colorado foreclosure listings. The property was reportedly sold on August 11 to a Bank of America subsidiary. The residents of the duplex received an eviction letter the day before the fire.

Eighteen tenants were displaced by the fire, with most of them already facing financial problems due to the recession and the huge number of properties under listings of home foreclosures in the area which caused property values to decline. For now, the displaced tenants are living at The Ponds with the help of contributions from Steamboat Ski and Resort Corp.

According to local reports, most of the families living in the duplex and nearby properties are immigrants. Some have been living for years in the units, even before bank foreclosures and Fannie Mae foreclosure lists became a major problem in the county.

Some of the displaced families reported losing their immigration documents and lease contracts in the fire. Most of them lost all their belongings, although there were no deaths and some tenants just suffered from some minor injury or another. Several of the tenants at the duplex reportedly work in construction sites in the area, although officials are unsure who among them are legally in the country and who came in as illegal immigrants.

According to local officials and some neighborhood residents, the fire incident brought into the forefront some of the difficult issues facing the county, including the issue of immigration, the problem posed by growing number of properties under bank foreclosures and Fannie Mae foreclosure lists and the lack of jobs available to immigrants.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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