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Colorado Front Range Real Estate Market Update – 9/23/2021

For Sale Sign with Foreclosure SignYou’re going to start hearing about foreclosures going up. Here’s what you should know about those headlines.
I just searched and, in our entire MLS, there are 12 foreclosed properties. In the Denver metro area, there are five.
Take the news about foreclosures with a big grain of salt.
Of course, it’s important to keep an eye on national trends. With more foreclosures around the country, can we expect more here, too? It’s a good question.
Foreclosure starts are up, that is true. Research by Attom Data shows that Illinois, Nevada, and New Jersey had the highest foreclosure rates last month. One in every 8,677 housing units in the country had a foreclosure filing in August 2021, up 49% compared to the 5,603 in August 2020.
To put things in perspective, though, we should look at 2019, before the pandemic. During August of that year, there were 28,000 foreclosure starts nationwide. We’re very far from that.
If we look at yearly foreclosures, there were:
314,220 in 2017
279,040 in 2018 and
277,520 in 2019.
129,000 in 2020.
So far this year, there have been 19,560.
Last year, there were 161,260 fewer foreclosures than were average in the previous three years. This year, we’re 270,000 below the average from 2017 to 2019.
We’ll keep an eye on foreclosures locally, but we don’t expect a crisis to occur.
The government’s forbearance program helped borrowers who were having trouble paying their mortgage; they could modify their loans or defer loan payments. Some participants in the program were paid their loans in full – they didn’t even really need help.
Other borrowers haven’t used the program as they could have, and some are coming out of forbearance with negative equity or not as much equity in their homes as they could have. We expect most of the people who participated in the forbearance program will be able to avoid foreclosure, though.
While foreclosures will rise – not just around the country but in our area too – it’s important to note that we’re moving back toward the average. We’re not seeing something out of the ordinary or experiencing a foreclosure crisis and we don’t expect a crisis anytime soon. from 2017 to 2019
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Metro Denver Real Estate Market Activity

[one-half-first]During the last week:

New Listings – 1157

Back On Market – 255

Price Increase – 126

Price Decrease – 799

Pending – 1889

Withdrawn – 134

Closed – 1585

Expired –  204[/one-half-first][one-half]Previous Week:

New Listings – 1417

Back On Market – 262

Price Increase – 150

Price Decrease – 772

Pending – 2012

Withdrawn – 125

Closed – 1744

Expired – 163

— Based on data from REColorado®[/one-half]

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