According to Realty Trac Inc., Colorado had the fifth highest rate of foreclosures in the nation for the month of October. According to their report, one in every 390 households in the state was in foreclosure. This translates into 5,374 houses in some stage of foreclosure. Colorado has been consistently in the top 10 states for the rate of foreclosure since at least 2006. Not an honored distinction.
The Boulder market seems to be insulated from the brunt of this but I decided to do a quick search of the MLS to see where we really stand.
According the Boulder County public records, there are 691 homes in the county that are in some stage of foreclosure. Of these, only 266 are actually through the process and are bank owned. Currently, there are just 69 bank owned properties listed on the MLS in Boulder County. This is just 4% of the current active listings. A majority of the bank owned listings (47) are in Longmont.
These numbers confirm my gut feeling that foreclosures are not a big part of our market. In the City of Boulder there are just 6 bank owned homes on the market out of the 804 that are currently available. Certainly not a big enough number to affect sales figures.
If you are looking for forclosures Denver, Adams, and Weld County are places that have more inventory from which to choose. Many investors are using this market as a great time to accumulate properties. If you would like a list of bank owned properties please let me know. I am also a certified HUD broker. Which means that I can show and write offers on foreclosed homes owned by the government. You can find these properties at http://www.mcbreo.com/st_comain.htm