http://realestate-durango.com
FORECLOSURES: If you pay attention to the broad picture painted by the media it is easy to conclude that every housing community in the nation is struggling under the weight of staggering numbers of foreclosures.
While it's obvious foreclosures are at record levels nationally, it is important to note that Colorado is farring better than other states. In 2007 there were a record 39,915 forelcosures in the state, or one for every 45 households. This was up from 1 in every 58 households in 2006.
During 2007, the highest foreclosure rates were logged in the metropolitan Denver counties of Adams, Denver and Arapaho and in Weld and Pueblo counties. These densely populated areas mirror other sections of the country with tract builders, dubious lending practices and questionable consumer decisions.
The mountain counties of western Colorado reported the lowest foreclosure rates. La Plata County, for example, expreienced one forecloure for every 234 households; a substantial difference from the national norm. Our local real estate economy remains firm. Prices are stable, properties are selling. The market outlook is not as broadly bleak as the media would have you believe.
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