Colorado Bank Foreclosure Homes at real bargains

Living in Colorado

Living in Colorado is like fulfilling a dream. It has some of the most awe-inspiring landscapes. It has the Colorado Eastern plains where the elevations range from 1010m to 2000m. The highest point in the state is the peak of Mt. Elbert at 4401m. It is not just the land of the continental divide but also the land of the mighty Colorado River that drains into the Pacific. For outdoor enthusiasts, there are thousands of wilderness trails in the Rocky Mountain National Park and some ski resorts in Steamboat springs, Aspen and Crested Butte. Now who wouldn't want to live in such a beautiful place where nature surrounds the region in its ethereal arms?

In the last couple of years, Colorado has seen a lot of foreclosure filings, which has led to the availability of bank foreclosed homes in Colorado. The Colorado foreclosure homes are taken from homeowners after they default on their loan payment and are put up for auction by banks. The primary reason behind an auction is to recover the losses and this creates a wealth of opportunity for first time home buyers and investors.

In 2005, Colorado recorded the highest foreclosure rate in the country with 3,706 home foreclosures in the month of April itself. The national average was one in 1,268 and Colorado had one in 494, which was quite high. By the end of March, 5,392 homes also went under the knife and ended up in filing foreclosure. This is the reason why there are so many foreclosure homes in Colorado available for buying. With ever increasing real estate prices, it is often difficult for many people to purchase property or home. But due to the Colorado bank foreclosures, many people can now live the American dream.

Cost of Living in Colorado

According to a report there are five counties in the state of Colorado, which have been classified as high cost of living counties. These counties are located mostly in the mountainous landscapes except for Boulder and Elbert counties. The high cost of living does impact the purchase of Colorado foreclosures for sale to a certain extent but not completely. On the other hand there are the low cost of living counties, which consist of regions located within the San Luis valley and on the eastern plains of Colorado. These are mostly small towns that don't play an important role in the increasing the economic growth of the state. The housing cost in the five high cost of living counties is over 25%, which is more than the state average. The Pitkin County has the highest housing index, which is 196% more than the state average.

In spite of the nature of the cost of living in different parts of Colorado, people are still buying Colorado foreclosed homes with the help of Colorado foreclosure listings.