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2010-06-07 16:36:18
Short Supply of Denver Bank Owned Foreclosures

Denver Area Foreclosures Remain in Short Supply

 The number of bank owned foreclosure properties, or REO homes, sold from January through May 1010 decreased to 442, or 28% fewer homes compared to 611 homes sold during the same time period in 2009.

The average sold price for a Metro Denver bank owned foreclosure was $184,834, up 4.5% from the prior years 5 month January - May average of $176,836.

Additionally, homes sold much faster, averaging only 41 days on market year to date in 2010, compared to 79 days on market in 2009.  The competition between real estate investors shopping for bargain properties and owner-occupant home buyers looking to cash in on the government tax credit stimulus pushed up demand and home prices, combined with fewer bank owned properties listed for sale on the Metro Denver multiple lisitng service.

Bargain shoppers may find their patience rewarded, however - industry experts predict more bank owned houses and condos to start showing up in our local market as lenders are finding many homeowers cannot qualify for government sponsorded loan modification programs and foreclosure moratoriums enacted in 2009 have expired.

For more information about Denver area foreclosures, contact Bryan Messick at 303-378-7677 or visit www.DistressedHomesDenver.com to view updated foreclosure property lists sorted by price and location.

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