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Denver Foreclosure Homes Benefit from the City’s Livability

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By : John Cutts    99 or more times read
Many first-time homebuyers and investors are grabbing Denver foreclosure homes not only because they are offered at bargain prices but also because of the benefits that the city could provide to its residents.

The declining residential and commercial real estate market is not unique to the city of Denver. Most major metropolitan areas across the country are experiencing the same problems. However, what makes this Colorado city unique is despite the problems, it is still one of the fastest growing cities in the country today.

Several significant factors that put Denver on the map as one of the most progressive cities in the country include the Denver Transportation Expansion Project, its great recreational facilities and quality education.

Market data showed that the city's high livability score and buoyant corporate environment continue to be major factors that attract the interest of businesses and potential homebuyers. Industry experts said that Denver may be suffering from the impact of the foreclosure crisis but it still fared better compared with other cities across the country.

This is because restrained development prevented excess inventory that burdens other housing and commercial markets. In the first quarter of this year, the number of Denver foreclosure homes filings dropped by almost 46 percent compared with the same period a year ago.

Statewide, the picture is not as rosy as Colorado's foreclosure activity rose last month, earning it the eighth spot in terms of high foreclosure rate in the country.

According to market data, 6,472 homeowners across the state received at least one foreclosure filing in August. This means that one out of 329 houses were in some stage of foreclosure. The August figures represented an 18 percent increase from the previous month and over 39 percent higher from August 2008.

In the second quarter, 12,135 properties were placed on the initial stage of bank repossession. From April to June, about 5,000 actual foreclosures were reported, meaning the properties were sold at auctions or returned to the banks.

During the period, the Denver areas saw some improvements. The total number of actual foreclosures dropped by almost 30 percent in the counties of Denver, Arapahoe and Adams. Industry experts said that despite the high foreclosure rate, Colorado's housing market is showing some recovery compared with its performance in 2007 and 2008.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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