Real estate property tracking firm RealtyTrac Inc. has released data showing the number of Colorado foreclosure homes rose 23% in October 2008 from September. The figure fell slightly by almost a percentage point from October 2007. Colorado is ranked as No. 5 in the list of US states with the highest rate of foreclosed homes. Homebuyers and home investors know that there are always more than enough Colorado foreclosure homes available for sale.
In 2008, the volume of Colorado foreclosure homes ranked as No. 5 nationwide in April. In the months that followed, the state's ranking fell to No. 7 in the months of May and June, then to No. 8 in July to August and No. 10 in September. As mentioned, the state rebounded to fill the fifth spot once again in October.
Data from RealtyTrac showed that before the current credit and housing crisis, foreclosure was already a problem in the state. In fact, for nine months in year 2006, the volume of Colorado foreclosure homes was the highest in the US. In 2007, Nevada overtook the spot, which up to now is still held by it.
Mortgage delinquencies in Colorado are still among the top problems. The US Mortgage Bankers Association acknowledges the fact that more homeowners with mortgages are at risk of defaults or are already manifesting signs of imminent delinquencies. Thus, the number of Colorado foreclosure homes is set to remain high for some time. This may be a streak of bad news for the state's housing industry, but it is definitely party time for prospective and opportunistic homebuyers and home investors, who are always on the lookout for cheaply priced assets.
Five to ten years ago, Massachusetts was a haven for working-class families because prices of new homes were very reasonable and terms of home loans were too flexible. At the onset of the current housing downturn, the situation reversed. Now, opulent families only afford new homes in the state. However, there is a streak of opportunity in the cloudy market.
Purchasing Massachusetts foreclosure homes is the way to go if you are aiming to own a vacation house or a property investment in the state. Because there is an inventory glut, there are just too many of such foreclosed homes for sale, with prices that are 20% to 50% off the actual market valuation.
Boston foreclosure homes are particularly in demand. This is because the city, the state capital, has always been a good place to live in and to own an asset. Most of the Massachusetts foreclosure homes in the current listings of foreclosed properties are in Boston.
The number of foreclosed homes in Massachusetts is expected to further rise in the coming years. If the rate is already high these days, it is forecast that in 2008 to 2010, there will be 4.3 million more homeowners and borrowers who would be undergoing foreclosure. That is because subprime loans by most homeowners in the area are continually being recomputed, with interest rates that are continually growing.
If you think new homes are way too expensive in the city, Massachusetts foreclosure homes will be a viable alternative. Seize the opportunity to buy and own a house in the state while prices are still favorable.
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