GRAND JUNCTION, Colo. (KKCO) -- Foreclosure filings are sharply declining in the Grand Valley. Year-to-date filings are down 47 percent from this time last year, while foreclosure sales are down 22 percent, according to the most recent Bray Real Estate Report.
Spencer Marsh, loan officer for Fidelity Mortgage, said he believes the decline partially stems from greater awareness about the consequences of foreclosure.
“People are becoming aware that if they foreclose on a home, they’re going to be waiting at least three years before they can buy again, and so what they’re doing now is looking for any way to avoid a foreclosure,” Marsh said.
Short-sales are popular options for avoiding foreclosure. Instead of foreclosing on struggling homeowners within a few months, Marsh said banks are allowing more homeowners to go through a short sale processes lasting five to six months.
Since January 1, 2013, the Bray Real Estate reports 240 foreclosure filings, compared with 453 at this time last year. Marsh said a stronger market also gives reason for the decline.
“They’re able to sell their homes quicker, so they’re able to avoid foreclosure,” Marsh said.
While filings are trending downward, the number of foreclosures filed is still higher than it was in 2009.
Christi Reece, broker associate for Bray Real Estate, said the market for homes priced less than $100,000 is a buyer’s market, while the market for homes above $300,000 is a seller’s market.
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