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Denver Still Has Lowest Rate Of Foreclosures
According to a report from CoreLogic, Metro Denver reported the lowest share of distressed home sales out of 25 major metro areas in March.
Distressed sales include bank sales of homes in foreclosure and short sales, where lenders accept a payoff below the amount owed on the mortgage. In March, they represented 2.3 percent of ALL home sales in metro Denver.
Nationwide, distressed sales accounted for almost 10 percent of all home sales in March. The highest share of that belongs to Baltimore, followed by Chicago at 19 percent and Tampa, FL at 18.6 percent.
In January 2009, nearly half of all home sales in Denver and suburbs were distressed. But strong population gains, combined with insufficient new home construction, have boosted prices. Higher home equity has allowed borrowers in hard times to pay off their mortgages, and a shortage of homes for sale promotes faster sales. Right now, only one out of every 43 home sales in Denver area represent distressed sales.
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