Colorado Defaults Second Only To 80's Bust
The Rocky Mountain News has this wrapup on 2005 foreclosures in Colorado. "More than 14,400 properties in the Denver area are expected to go into foreclosure this year, eclipsing 2004 as the second-worst year ever. This year's tally, estimated at 14,461, about 2,000 more than in 2004, represents the most foreclosures filed in the metro area since 17,122 were recorded in 1988.""At that time, the metro area was suffering from a loss of jobs from the collapse of the energy business, as well as a change in the tax laws that had fueled overbuilding."
"What happens next year with foreclosures 'all depends on what happens with interest rates and the economy,' economist Tucker Hart Adams said. 'If the economy slows a bit, as I expect, and if mortgage rates continue to move up, which they should, it's not going to be good for foreclosures. That we're having our worst year (in 16 years) with (almost) the lowest rates in 40 or 50 years is not a good sign.'"
posted by Ben Jones @ 6:49 AM
1 Comments:
When I first started blogging on housing, Colorado was always in the news. As the situation there worsened, the press stopped covering it. Similar actions have been observed in the UK and Australia. When was the last time you read a headline that Colorado was in a foreclosure crunch?
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