Denver Foreclosed Homes Still a Problem But Better Than Last Year- By: John Cutts
Economic data for the state of Colorado exhibited improvements for the month of August 2010. The state's foreclosure rates showed improvements, including data for Denver foreclosed homes, when compared with previous year's numbers. Economists have stated that despite recovery signs being minimal, they still signal an economic improvement.
Foreclosure numbers for the whole state, including Wachovia foreclosure listings, were up for August when compared with previous month's totals. However, totals are lower when compared with August 2009. Filings for August 2010 recorded a total of 3,142 which is higher than the July total of 2,718.
When compared with August 2009, current year's August numbers are lower, with Colorado foreclosures for sale and properties receiving filings having a total of 3,496 for August 2009. According to the Colorado Division of Housing, foreclosure rates have been declining in the state since April when compared with 2009 numbers.
With foreclosed house lists posting improved statistics, unemployment rates are doing the opposite. The state's Department of Labor and Employment had reported that unemployment rate increased to 8.2% for August compared with 8% in July. Meanwhile, the number of state residents who are employed decreased for August by 2,100, bringing the total to 2.44 million.
Although job rates did not post improved numbers like foreclosure rates, with Denver foreclosed homes and other major area foreclosure totals recording declines, labor department officials have argued that the increase in the number of unemployed can actually be considered a positive sign. They assert that more people are seeking jobs, unlike in previous months when a big number of state residents have given up.
They also stated that although labor market statistics show that Colorado is still facing big unemployment problems, job loss rates have been declining in the area since the start of the year. A total of 27 states recorded increased jobless rates in the U.S. in August, while 13 states posted lower unemployment rates. Ten of the states' unemployment numbers remain the same for the month in focus.
Based on latest data for unemployment and foreclosure, including Denver foreclosed homes, local economists have concluded that Colorado is on its way towards an economic recovery. They did admit, however, that the process of recovery will be slow and drawn out.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.