Colorado Green Real Estate

Denver Metro Foreclosure Activity Snapshot for 2009

Recent numbers from the Denver Public Trustee indicate what may be interpreted as the beginning of a shift in the foreclosure trend. The total number of foreclosure filings in 2009 was 26,605 which is an increase of 6.4% over 2008. These numbers include the following seven counties which comprise Denver Metro: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Jefferson.

Denver County and Adams County showed signs of a turning point. Formerly the centers of foreclosure activity, both counties improved by holding steady with virtually no change in activity in 2009 compared to 2008. Price increases of 3% in Aurora North and 12% in Denver Southwest support the notion that foreclosures in those areas are bottoming out.

In contrast, the largest percentage increase in foreclosure filings was seen in Boulder (38.4%), Broomfield (28.4%), and Douglas (26.8%) counties where average home prices are generally higher than Denver and Adams. While the absolute number of foreclosure filings in these counties is still less than Denver and Adams, the percent change is huge and clearly indicates a shift in the foreclosure trend. Although the higher priced homes were a little more insulated from the initial wave of foreclosure activity, the data shows they are not immune to the problem. The weak economy and job losses are now impacting the higher income brackets.

So what’s next? Your Castle Real Estate’s market analysis shows that at the top end of the price range for homes with an average price over $450k, there is approximately 20 months of inventory on the market. This amounts to more than three times what is considered to be a balanced market of 6 months. Days on market is off the charts approaching a year or more in some price segments. Average prices were off nearly 15% in 2009 compared to 2008.

The moral of the story is no one is immune from the economic downturn. While there was a time delay for the foreclosure wave to hit the upper price range, the data shows it is happening now. And it's interesting to note that it seems to be happening as the lower price range is showing early signs of recovery.

If you or someone you know is interested in buying or selling a home in Denver Metro or Boulder County, I can help. I can assist with all types of real estate transactions. I am also a Certified EcoBroker specializing in energy-efficient, environmental practices in real estate across the Front Range.

If you’re considering relocating to Denver Metro or Boulder County, I’d love to help you find your new home. Please feel free to call me at 720-771-5594 or visit my website at E3GreenHOMES.com

You can also visit E3ColoradoHOMES.com to search over 20,000 homes in the Denver Metro and Boulder county area.

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