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More Buyers of Fixer Uppers for Sale in Some Parts of Colorado Last Year

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By : John Cutts    99 or more times read
Sales transactions involving residential properties, including fixer uppers for sale, improved in some areas of Colorado in 2010. However, foreclosure numbers also increased in some regions, providing a mixed of good and bad news for the housing industry in 2010.

More buyers of foreclosure homes for sale in Denver and in other areas of the state came to the region last year, providing the area with better housing sales figures than the previous period. In Eagle County, sales of housing units jumped by around two-thirds last year compared with 2009 levels. However, the county also posted higher foreclosure numbers in 2010 compared with year-ago figures.

Despite the considerable supply of foreclosures in Colorado, analysts stated that areas like Eagle County actually did well last year if all indicators of the housing market are to be taken into consideration. Although a big percentage of houses sold last year were offered at heavily discounted prices, the fact that more buyers made a purchase somehow helped offset the impact of discounted rates on the overall sales' dollar equivalent.

Local realtors are predicting more sales transactions in the area's housing market in 2011 as the number of younger people able to afford their own home has increased in the past year. They stated that more buyers from out of town are also showing interest in residential properties in the area, including fixer uppers for sale. Although sales transactions remained way below the peak period of 2005-2007, last year's sales activities still beat 2009 figures.

Although majority of local realtors are optimistic that home sales figures will increase further this year, they remain wary of the threat of more properties entering foreclosed home listings as loan delinquency and underwater mortgages show signs of expanding. They stated that it is likely that more foreclosures will enter the market in 2011, but they are hoping that it will not depress housing prices too much.

For the part of home sellers, realtors stated that majority of them, even those who are offering fixer uppers for sale have already adjusted to the current nature of the housing industry and are now aware that they cannot ask for a purchase price that is similar to the level of prices found during the real estate boom.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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