Since the mid 1990s, the annual foreclosure filings for Colorado Springs homes in El Paso County, Colorado have been steadily increasing. Granted, we do have more residents today and more developed Colorado Springs real estate, bringing additional mortgages into play. Qualified buyers can find some nice deals for Colorado Springs CO real estate because of rampant foreclosures.
The number of foreclosure filings for homes in El Paso County reached a record 5,470 in 2009. In 1995, there were only 435 foreclosure filings. Recent statistics offer a bit of hope that trends are improving, however. One stat revealed that during the first half of 2010, Colorado Springs homeowners in El Paso County improved 10 percent compared to First Half 2009.
A foreclosure filing by a lender begins the process leading to repossession of the Colorado Springs property. Fortunately, an increasing number of struggling homeowners are finding ways to keep their homes and avoid the completion of the foreclosure process. The government is pressuring lenders to work with these borrowers to lower payments. In addition, government programs are able to help some property owners weather the storms in the economy. Even so, there are not options for the unemployed who are in over their heads.
El Paso County processed 2,420 foreclosure filings for First Half 2010. Tom Mowle, El Paso County Public Trustee explained current trends to The Gazette in a July 25, 2010 article where he states that his office averaged 14-15 filings per day during the first two weeks of July 2010. That represents the lowest rate since late 2008. Mowle reminds us that the rate is still excessively high when compared to the foreclosure-filing rates of the 1990s.
High numbers of short sales and bank-owned foreclosed properties are watering down property values. In the Pike’s Peak region, the median single-family home prices in June reached $205,000. That is actually up five percent from last year and the highest since July 2008 when median prices peaked at $223,950.
There is definitely an uneasy feeling that does not seem to go away with these small changes in the real estate market. Few real estate agents feel comfortable with the weak recovery of the construction and building and real estate industries, either. For a long time, those industries used the number of building permits issued for a temperature gauge and that reading is not so stable today. In June, the number of building permits issued (128) was down from the 2009-2010 peak of 166 in February 2010. It may not be all so bad though, as 798 permits issued in the First Half 2010 signified a 53.4 percent increase over First Half 2009.
We will claim our victories one by one but are not willing to put on rose-colored glasses. Some buyers will be out shopping for those new homes with enticing price tags. They just cannot resist the incredibly low interest rates available today. That is very good news for all of us.
Contact Ann Heiring of RE/MAX Advantage, Inc. at (719) 440-1010 to or Toll Free Cell: 800-246-8978 learn how our acclaimed city can work hand in glove to help you achieve your lifetime goals.
