So how many foreclosures are out there? Very good question and lots of different answers. Informally, there are a lot. Formally there have been 2299 foreclosures go through the process which is 230 more than last year.

In am seeing a market heavy in foreclosures below $200,000. I feel the south end of Colorado Springs in particularly hard hit although no one area is safe. Last week we saw a foreclosure sale in Falcon along the Antler Creek golf course for $270,000. It sold brand new for $400,000 three years ago.

Officially I have attached the foreclosure report from El Paso County. It is reflecting a pace that will set a record again this year. I expect t see a lot of these homes to hit the market in the coming months. Banks still are not smart enough to work through short sales effectively. Until they figure that out, foreclosures will remain high.

The good news is that affordability is as good as ever. Rates are still below 6% and prices are low. Call us and we’ll show you how. See below for the attached spread sheet from El Paso County.

Thanks,

Brian