The number of closings for our BARA area through May is up from 3,009 to 3,343 or 11%. The number of closings for Wright Kingdom is up from 221 to 326, that's 48%. But the number of listings for Wright Kingdom is down 22%. Why? Colorado is a non-judicial foreclosure state. That means the process of taking someone’s home for non-payment of the mortgage is streamlined in Colorado.
At closing Colorado buyers sign a trust deed transferring ownership of the property to the lender if they don’t pay the mortgage. Colorado was one of the first states to start having large quantities of foreclosures. We were also one of the first states to begin working our way out of the foreclosure mess.
According to the CEO of CoreLogic, “The inventory of homes in foreclosure in judicial states is growing, but this increase is more than being offset by declining inventories in non-judicial states where the timelines to clear a foreclosure are shorter.” Because Boulder County has seen very little new home building, there has been almost no increase in the supply of homes available for sale. Limited supply, combined with the decrease in properties being offered for sale, has resulted in reasonably priced homes selling very quickly.
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Rob Justis
303-817-0906
rjustis@wkre.com
www.robjustis.com
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