Colorado Zip Code Sees One Third In Default
A shocking report from Colorado. "Local economists have been tracking El Paso County foreclosures. They say 25 percent of all foreclosures between 2003 and last July were in zip codes 80911, 80916 and 80906. In zip code 80864, in southeastern El Paso County, almost one-third of all homes are in various phases of foreclosure.""UCCS economist Fred Crowley said residents of the area have higher commuting costs, and many purchased homes when variable mortgage rates were low."
This county is where Colorado Springs is located.
posted by Ben Jones @ 3:58 PM
1 Comments:
I live in Colorado Springs. This town is a tale of two cities. There is a large part of the population that is military/service industry poor, then there is the also large part of the population that consists of white collar folks that support the military in some fashion. In general, the white collar folks live on the western side of town while the poorest are on the eastern side. Being a software engineer, I wrote a program that takes all the forclosure listings off the El Paso county website and plots them onto Google Maps. The vast majority of the forclosures are on the eastern/southern side of town. While the forclosures are affecting prices on the eastern parts, prices are still rising on the richer western parts.
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