Just hearing the word “foreclosure” sends shivers down my spine. How about you? Nonetheless, for many who’ve struggled financially, foreclosure has merely become part of the coping process of this recessive economy. Yet, the impact does not remain exclusive to those who end up as part of the foreclosure process. In fact, the detrimental fall of one also impacts the welfare of the whole – in terms of those who are part of the housing community.
Regarding Colorado Springs Real Estate, Heath Herber of Westerra Development Company meticulously calculates and creates charts about monthly housing statistics, including foreclosures.
According to his findings, here’s what Herber states, “The most interesting chart to look at this month is the foreclosure chart. The good news is we are seeing a drop in both the number of foreclosures started and for two consecutive months we have seen declines in the number of foreclosures completed. This is important because it is the foreclosures that are keeping downward pressure on home prices which in turn has limited the new home construction market. Even though we will probably see 2010 being another record year for foreclosures, if we can keep this downward trend going, it will be a strong signal that the housing market is finally recovering.”
Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:
2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101
Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.