Across the US there has been an increase in numbers of homes entering the foreclosure process for the 3rd month in a row. While this information might lead one to think that the real estate market is floundering again, this isn?t actually the case. The increase foreclosure proceedings are instead caused by the backlog of homes with seriously delinquent mortgage payments.
Last year?s problems with a landslide of allegations of ?robo-signing? of mortgage documents helped to cause a massive backlog of homes with unpaid mortgages that couldn?t be processed through the system. These issues were shelved and consequently, these homes are just being dealt with now.
As part of the current train of thought on banking we?re seeing more of these last few years, we will see fewer homes entering foreclosure to end up being repossessed by the banks. Short sale homes are on the rise as an alternative. It?s likely that the banks are considering the consequences of trying to sell homes that have been vacant for extended periods of time, paired with the trend of short sales fetching a higher purchase price than bank owned properties.
While there is likely to be some increase in the real estate inventory nationwide as a result of the new foreclosure proceedings, at least one place in Colorado will likely take that in stride. Boulder is an improving and resilient market, according to the National Association of Home Builders. Their recent report lists Boulder as the only metro Colorado market that is currently improving. The report ranks markets by new homes being constructed, employment rates, and home prices.
Source: http://www.realestatewebmasters.com/blogs/remax-of-boulder/26206/show/
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