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07 Jun 2012

Colorado Springs Foreclosures Account for One-Third of Home Sales

Colorado Springs foreclosures still account for a large part of the market sales, according to a recent report by the Denver Business Journal.

For those battling a foreclosure, it's more than dollars and cents. It's about an emotional attachment to the place you call home, and choosing to let it go can be extremely difficult. It also may not be necessary.


Our Colorado Springs foreclosure lawyers can help you sort through the pieces to determine what your best option is.

The most recent statistics, culled from a Realty Trac quarterly sales report, indicates that although sales of foreclosures are actually down nearly 14 percent compared to this time last year, foreclosures still accounted for nearly a third of all home sales in the state.

Throughout Colorado, that equaled nearly 7,000 foreclosures sold, with an average price of approximately $180,000.

What is somewhat encouraging is that when you look at foreclosure sales across the rest of the country, Colorado is actually in better shape than most places. The average price for bank-owned foreclosure sales in the U.S. was about $20,000 less than in Colorado.

Rebounding home prices mean that the housing market overall is in better shape - which could mean you might actually be less underwater on your payments than you once were. That doesn't mean foreclosure might not make sense for you - but it may give you a little more leverage than you might have had otherwise.

The state with the highest number of foreclosure sales was Nevada, which reported nearly 60 percent of home sales were attributable to foreclosures. That was actually a drop of 5 percent from last year, though the average price per foreclosed home there was slightly less than $117,000.

California reported high foreclosure rates as well, with about 47 percent of total home sales. There, average prices were about $235,000 (though California has always had a more expensive cost of living than most states).

In some cases, Realty Trac analysts have said that an increasing number of distressed homeowners are looking to short sales to avoid foreclosures. This is one option to avoid the stain of a foreclosure on your credit score, but still get you out from underneath an underwater home.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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