Colorado foreclosures have received a lot of press, as for several years now the state has been at the top of the list of states with the highest rates of foreclosure. During the housing boom that peaked roughly 5 years ago, developers and investors saw an opportunity to develop property in Colorado to turn a profit. Seeing that the state had a growing population, and many were attracted to its mountainous areas, many developers and investors sank money into home building throughout the area. Homes were being bought up across the U.S. at a remarkable pace at the time, because of low federal interest rates on loans.
However, eventually the market crashed, as home values became severely overinflated. Many of these properties were then left unsold on the market, and unable to keep up with the necessary payments to retain ownership, many investors and homebuyers let their properties become foreclosure homes.
However, this has now created a new wave of homebuyers intent on taking advantage of the chance to buy foreclosed homes at discount prices. The average Colorado foreclosure sells at anywhere from 10 to 50% below its actual value, which has led to many seeking Colorado foreclosure listings for incredible savings. If you're interested in the Colorado real estate market, foreclosure homes are definitely worth watching as experts predict highs in foreclosures for 2008 to push prices at auction even lower.
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