Denver Real Estate Forclosures
The average price of a foreclosure dropped –6% to $168,000 in the first half of 2008. The average short sale was steady at $212,000. The average price of a non-distress sale decreased 5% to $352,000. Sales volume was down for single family homes. Foreclosure and short sale volume is up and non-distress seller volume is down. Some areas did better than others.
The good news is the last four times the market had a change from a buyers market to a sellers market, or vice versa, it was preceded by a change in the DOM (Days on Market). DOM for homes declined in the first and second quarters of this year. Too soon to call it a trend, but it is a favorable sign. Another great indication of hitting the bottom is monthly prices have been relatively steady for seven months, after falling rapidly from 2005 to 2007.
Homes purchased with little or no down payment are leaving homeowners “upside down” when it comes to needing to sell within a few years of purchase, resulting in more circumstances of seller financing.
Most experts are predicting foreclosure rates in Denver will continue to escalate, creating unprecedented investor and first-time homeowner buying opportunities.
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