Break out the Champagne or better yet the Screaming Eagle 2004 Cabernet Sauvignon Magnum. According to recent reports foreclosure sales dropped to a 19-month low in the majority of Colorado’s largest urban counties in October 2010. While Boulder real estate and Boulder luxury real estate has not been hit as hard it is still a reassuring report.
Foreclosure public trustee sales fell 38 percent from September to October 2010 as many banks halted foreclosures. Whilst this short-frame picture may not be a proper indicator; the 19 month low is a good indicator with a sufficient amount of substantive data.
Foreclosures are down 38% for Boulder real estate in the County YTD and down 60% YTD for Broomfield County. A substantial drop for both counties and even figuring the bank halting of foreclosures for approximately 11 days this is a very good sign. While the shadow inventory does loom out there it does not seem to be a significant problem that will impact housing prices to lower levels as previously thought.
All metro counties showed decreases in foreclosure sales at auction, comparing year-over-year. The only area there was an increase was in Mesa county coming in with an increase of 35%.
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