Thursday, April 06, 2006

Foreclosures Push Denver Inventory To Record

The Denver Post has this to report on that market. "An increase in foreclosures coupled with the normal seasonal increase in home listings has pushed the number of homes on the market close to a record high. There were 27,309 homes on the market in March, up 17.6 percent from the same time last year, according to statistics released today. That's about 500 homes away from the record set in June 2004, said (realtor) Steve McGuire in Highlands Ranch."

"Independent real estate analyst Gary Bauer said inventory likely is up because foreclosures are up. 'Banks go through cycles of operations. The last few years, they maintained their own inventories,' Bauer said. 'But as things are turning around, they're using the realtors now to help them market their own property.'"

"That's been the case for broker Ed Jalowski in Denver. In the last six weeks, Ameriquest has assigned him seven listings. He estimates that of the 50 listings he has, 60 percent are either short sales or bank-owned."


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