Tuesday, October 10, 2006

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.

5 Comments:

At 4:40 PM, Blogger michael.dufel said...

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.

 
At 1:40 PM, Blogger Chip said...

I had thought that Colorado Springs was a retirement destination for some folks. Regardless, it's hard to imagine how such significant displacement cannot adversely affect the entire economy of that area, western side included.

 
At 1:41 PM, Blogger Chip said...

Sorry about the double negative -- I preach against it.

 
At 7:39 PM, Blogger mort_fin said...

I google earthed and trulia'd the ZIP code with the one-third 'some stage of foreclosure' rate. Trulia showed a half dozen houses for sale, in the $100L to $200k range, almost all of which were manufactured housing. Google earth showed brown dirt squares and a few green circles. I'm willing to guess that this ZIP has almost no people, and the few that are there are mostly in manufactured housing.

Combine that with no appreciation in the state and probably quite a few toxic mortgages.

 
At 8:42 PM, Blogger mort_fin said...

I forgot to add my favorite address. There were two manufactured houses for sale on Night Train Lane. I'm guessing this is near its intersection with Mad Dog Blvd.

 

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