Realtors And Foreclosures

Through all the first three quarters of this year, 2007, according to reports released by Colorado Division of Housing the foreclosures remained on a much higher level than 2006. The scenario is the same in Fremont County. Up to 19th December 296 foreclosures have been listed – more than 232 noted in 2006. Most probably before the year is out the number will touch 300 – setting up a record. The ratio in the third quarter in Fremont County is 1:65.

Adams County leads the State as regards foreclosure ratio with 1:32. It is closely followed by Pueblo County with 1:41. Across the State the ratio is 1:64.

Alinda Jones, a local realtor thinks that a multiple of factors have contributed to this foreclosure chaos. While the sub-prime predatory lending is a prime cause the irresponsible borrowing of those who agreed to these loans cannot be totally dismissed. They too have a responsibility. She makes a list and tries to put the property as quickly as possible in the market. Usually it sells within 30 to 60 days. Some prices are below the market average. Her suggestion to those facing foreclosures is to start the refinancing process as quickly as possible. The realtor is the best person to talk to when red warning lights begin to blink.

Another realtor, Kurt Zerby, opines that unemployment and general condition of the economy are also reasons for this foreclosure fiasco. The rising interest rates are pushing borrowers to the limits of their resources. Foreclosures become inevitable. If the borrowers contact realtors before the foreclosure ball starts rolling something may be done. Good bargains are still there – can be picked up by the discerning. The increase in foreclosure is bringing down the price of houses. This gives many an opportunity to own a house. The market is fair and not partial. The local economy being stable is a helping factor.

New foreclosure laws coming in will give the house owners breathing time to put their finances in order. However as per the new laws no redemption period will be granted once the house is sold. The law is tipped in favour of the house owners. There are many agencies ready to lend a helping hand. They can be contacted on Foreclosure Hotline that will link them with the nearest foreclosure counseling point. The house owners should also contact HUD counseling centres. Time is the key factor.

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