Property management companies in Denver reports that only 0.3% of homes were foreclosed in Denver, Aurora and Lakewood this June 2015. The national foreclosure rate is 1.2%, the lowest rate the country has seen since 2007.
The entire state of Colorado had a foreclosure rate of 0.4%, other states with the same foreclosure rate include North Dakota, Nebraska, Montana, Minnesota, Arizona and Utah. Alaska that has the lowest foreclosure rate at only 0.3%.
The decline in the number of foreclosed homes is due to better employment opportunities and the overall healthy local Denver economy. As more and more people move to Denver, the demand for housing is steadily increasing while the supply remains low.
According to Greg Geller, the chairman of Denver Metro Association of Realtors, most homes can be sold at a price that is more than the mortgage amount. Denver is number one across the nation for home appreciation. If you bought your home 3 years ago, the value of your home now is bigger than before, so you do not have to worry about having to foreclose your home.
If someone decided to sell their home today, they would without a doubt earn a hefty profit in short span of time. They would not have to worry that their home will be up on the market for a long time since most homes are sold in a span of 2- 4 weeks in Denver.