In Colorado Mountains the foreclosures are climbing high. After a fall from the top of a roof 63 years old Terry Counterman, formerly a roofing inspector, has spent seven years in bed; fortunately he can walk again. Unfortunately his house in Carbondale will be swallowed up in a foreclosure sale. For two years he has been submitting documents and forms trying to save his home. But each time he contacts them a voice tells him to submit even more forms. He has been depositing money – all he has got but that seems to be insufficient. The house has been his home for long three decades. The lender will soon sell it off within days.
In Garfield Count the reports show that Counterman owes the banks nearly $67,000. He is one of the innumerable unprecedented numbers of residents of the high country of Colorado who are threatened by foreclosures.
The flood of foreclosure posting in the mountain localities ran through 2010 overwhelming not merely the records from past years but the severed crash experienced during the middle of the 80’s decade.
In 2009 the escalation of foreclosures led to fall in property prices and shares. New records were created with foreclosures swallowing bedroom communities of local workers. During the housing boom there had been tremendous growths in towns like Eagle, Gypsum, Glenwood Springs, Rifle and Carbondale etc. But in 2010 foreclosures began to dominate the scene as the construction industry floundered.
Laurie Slaughter a broker from Gyypsum said, “When the economy and construction slowed down starting in 2008, many of the residents lost jobs, had little or no other income, and could no longer afford their mortgage payments”. She has seen values drop by 50% in Eagle County because they had gone deep underwater; the borrowers had no choice but to try to sell through short-sale or just walk off.
Before the increase of foreclosures in 2009 many of the resort communities had not experienced such declines since the last years of the 80s decade when the economy reliant on oil had collapsed. But 2010 saw the foreclosure numbers surpass the dark days of the last collapse.
There were also commercial foreclosures as big industries began to bite the dust. In Pitkin County for instance the banks honed in on a sprawling ownership complex valued at over $570 million in Snowmass Village.