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Larimer County ranks among lowest foreclosures in metro area
The final number of foreclosures in Colorado for 2007 is in and while
statewide foreclosures are up 40 percent for last year, Larimer County
has reason to be hopeful the full impact of foreclosures will not be as
severe here as throughout the rest of the state..
According
to the latest report from the Colorado Divsion of Housing released
to-day, Larimer is one of three counties with the lowest foreclosure
rates for the met-ropolitan Front Range, ending 2007 with one
foreclosure filing per 68 households. Statewide the number was one per
45 households.
The proliferation of new home construction
along the Front Range is a leading cause of the larger numbers motive
behind larger numbers compared to counties outside of the Front Range.
“Foreclosures
are being partially driven by a very high inventory of newly-built
homes,” said Kathi Williams, co-chair of the Colorado Foreclosure Task
Force and director of the Colorado Division of Housing, in a statement.
“In many cases, in the Denver area, someone who can’t make his payments
simply can’t sell his house fast enough to avoid that final foreclosure
sale. In high-demand markets like Durango or Vail, you don’t have that
problem.”
Foreclosure filings
2003: 13,573
2004: 16,801
2005: 21,782
2006: 28,435
2007: 39,915
Article Source http://www.coloradoan.com/apps/pbcs.dll/article?AID=/20080220/UPDATES03/80220007/1046/BUSINESS
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