2016: Foreclosures Continue to Drop

Monday, February 15th, 2016

According to RealtyTrac’s latest market report, the number of foreclosure filings in November was down 8.71 percent from October, and down 20.1 percent from a year ago.

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There were 544 foreclosures in November and only 284 bank repossessions (1 out of every 2,652 houses in the state).

 

Foreclosure starts in November were also down by 12.62 percent from October and 34.2 percent from last year.

 

Alaris helps you avoid foreclosure. Please call us if you receive a foreclosure notice or if you would like to buy a foreclosure. You can reach us at 303-526-7400 or by email at info@alarisproperties.com.

 

Zombie Foreclosure

Monday, December 14th, 2015

Untitled design (8)Zombie foreclosures plague neighborhoods in some cities, but not in Denver. Out of the 1.6 million residential properties in Colorado, only 85 are considered to be zombie foreclosures.

What is a zombie foreclosure? It means the home is vacant, the legal process has started, but the bank has not yet repossessed the home.

Nationally, about 20,000 U.S. residential properties are in the foreclosure process, but not yet repossessed by the foreclosing lender.

In Colorado, there are 14,230 vacant homes (0.9 percent). Of those, 7,214 are vacant with open loans (50 percent) and 595 are deemed vacant underwater (4.2 percent ). As stated above, only 85 homes are vacant and in foreclosure, or zombies.

Such a small amount of zombie foreclosures is good news for the state and an indicator of a solid economy.

Alaris helps you avoid foreclosure. We have a team of brokers who understand the foreclosure process. We have helped hundreds of homeowners avoid foreclosure. If you are facing foreclosure, please contact us today. If you are interested in buying a home in foreclosure and would like some assistance in understanding the process, we would happy to answer any questions.

Foreclosures: Colorado Contrasting the Nation

Tuesday, November 17th, 2015

Untitled design (4)According to RealtyTrac’s latest Foreclosure Market Report for Colorado, one in every 733 houses are in foreclosure, a 15 percent decrease from the same time last year.

Colorado had a 17 percent decrease in the number of foreclosure filings (the first stage of the foreclosure process) from the second quarter of 2015 and a 15 percent decrease from the same time last year.

This is quite a contrast to the national trend where foreclosures saw a 3 percent increase from this time last year.

Across the country, there was a total of 327,258 U.S. properties with foreclosure filings in the third quarter of 2015, which is down 5 percent from the previous quarter but up 3 percent from the third quarter of 2014.

The annual increase nationwide in the third quarter marked the second consecutive quarter where U.S. foreclosure activity increased on a year-­over-­year basis following 19 consecutive quarters of year-­over-­year decreases.

Leading the Nation in Positive Equity

Friday, October 9th, 2015

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Denver’s housing market is leading the nation in a variety of categories.

Homes here sell faster than homes in any other market, the market leads the country in rising home prices, and the housing inventory here is as low as any other place in the country. In fact, according to a recent report by Zillow, Denver has 16.6 percent less homes for sale today than in 2014. Historic inventory is off by approximately 50%.

Now, however, Denver leads in another residential real estate category: the percentage of homes in foreclosure that have positive equity.

In a new report by RealtyTrac, the share of distressed properties in Denver with positive equity is 83.7 percent, which is a higher percentage than anywhere else in the country.

Nationally, the figure is 42.4 percent, and Colorado takes the lead at 72 percent.

Click here to see the full report.

A Robust Real Estate Market

Thursday, July 23rd, 2015

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According to a report from RealtyTrac, foreclosures in Denver, Aurora, and Lakewood are down 3.13 percent in the first half of 2015 compared to the first half of 2014.

Downside: fewer foreclosures could make it tougher for home buyers to find a home in the already-tight Denver market

Upside: a robust real estate market

Foreclosure filings, from January to June, were at one in every 350 properties in the state, which brings the total to 3,096, or 29 percent of the housing units in the state. Foreclosure filings are the initial documents, filed with county public trustee’s offices, that are used to start the foreclosure process. That process ends with the sale of a property at auction, unless debt related to the property is repaid.

As for its rank in the country, Colorado is 28th among the states in terms of number of foreclosures.

Click here to see the full report.

Spike in Foreclosures

Friday, April 10th, 2015

According to RealtyTrac’s monthly foreclosure market report, foreclosure filings in Colorado jumped 65 percent in January from December, but were down 4 percent from January 2014.

Why the huge spike? RealtyTrac attributed it to improved data collection methods, saying it had added a secondary data aggregator that likely added more filings that the primary source wasn’t catching.

The state recorded a total of 1,548 foreclosure filings in January, or one in every 1,436 households. The year-over-year decline continued an overall downward trend in foreclosure filings since 2013.

Colorado had 164 completed foreclosures in January, down 49 percent from January 2014.

Nationwide, 119,888 U.S. properties had foreclosure filings in January, up 5 percent from December, but down 4 percent year-over-year.

Read the full report here.

Alaris Realtors® help you avoid foreclosure. 

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Foreclosure Filings Down After Recent Spike

Wednesday, November 19th, 2014

According to RealtyTrac, Foreclosures in Colorado continued trending downward in October, after the state experienced a spike in foreclosure filings in the third quarter.

The state had 653 properties with a foreclosure filing in October, down 37.5 percent from September and 56.8 percent from October of last year.

The state experienced a 57 percent increase in foreclosures in August after several foreclosures were refiled because of Colorado Attorney General John Suther’s investigation into lawsuits against the state’s largest foreclosure law firms.

Comparatively, nationally, foreclosure filings were reported on 123,109 U.S. properties in October, an increase of 15 percent from the previous month, but down 8 percent from a year ago.

The 15 percent monthly increase nationwide was the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010.

>Click here to see more of RealtyTrac’s foreclosure data.

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Avoid Foreclosure with Alaris

Thursday, June 26th, 2014

Buying a home is a challenging, but very rewarding goal for many homeowners. However, sometimes life takes a different turn and it can be a struggle to keep up with the mortgage payments, which could result in a foreclosure filing.

Foreclosures can be difficult. The process is time-consuming and emotionally trying. If you know anyone who has gone through a foreclosure, then you are aware of their financial and emotional hardships.

We’ve seen this happen, which is why, at Alaris Properties, we do our best to help families avoid foreclosure.

Things are looking pretty good in Colorado right now. Foreclosure filings were down 24.7 percent in the state during the first quarter of 2014, compared to the first quarter of 2013. Completed foreclosures have also fallen significantly over the same period, dropping 41.5 percent from 2013’s first quarter total of 2,935 to this year’s first quarter total of 1,718.

Foreclosures Hit an Eight Year Low

Thursday, June 12th, 2014

The April foreclosure data for Colorado’s 12 metropolitan counties is now available. Foreclosure filings and foreclosure auction sales were near an eight-year low during April 2014, with foreclosure filings dropping 29 percent, year over year, from April 2013 to April 2014. Foreclosure auction sales, over the same period, dropped 38.9 percent in all metro counties combined.

The first graph shows filings and sales for each month since 2007. There were 876 foreclosure filings and 470 foreclosure sales during April:

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A six-month moving average gives us a clearer look at the overall trend. Not surprisingly, the trend has been generally downward for some time, but has flattened out in recent months:

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The third graph shows the foreclosure filings total for each month. April’s total was the lowest total ever recorded in April since the survey began in 2007, and is thus an eight-year low.

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Two Positive Foreclosure Prevention Bills Cont.

Friday, May 2nd, 2014

Two bills aimed at protecting homeowners from losing their homes to foreclosure passed out of the Colorado Senate.

HB-1295 passed on March, which prohibits “dual tracking” and ensures that low-income families can easily and quickly access housing protections.

The Senate also passed HB-1312 which continues the state’s foreclosure deferment program that was scheduled to expire at the end of the year.

Both bills are now headed to Gov. John Hickenlooper’s desk.

For more specific info about what these two bills entail, click here.

Colorado is third in the nation for the largest year-over-year percentage decline in foreclosures, and we are grateful for efforts to bring down those percentages even further.

Alaris helps you avoid foreclosure