Garfield County Will Make a Record Number of Foreclosures
Posted on May 25, 2009
Filed Under Foreclosure Homes | Leave a Comment
Foreclosures have indeed become very common in the US. As the economy goes through one of its deepest recessions, and unemployment peaks, well to do property owners are falling by the wayside. Property owners seemed to have been sucked into a vicious cycle. Garfield County is all set to make a record number of foreclosure filings. 89 foreclosures have already been filed. This is more than what was filed in 2007 and 19 short of the number filed in 2008. In fact, that year saw the highest number of foreclosures since 1980.
It is expected that the county will see 267 foreclosure filings before the year ends. The number is higher than what was seen in 1985 when Garfield County was in the midst of energy bust and foreclosures peaked to 244.
It is not only that modest homes in the county are facing foreclosures. The expansive ranches as well as warehouses that carry the price tag of a multi million dollar are being foreclosed. Recession seems to have affected property owners across the financial spectrum.
One of the homes facing foreclosure is that of Vance Johnson. His property that carries a price tag of $668,000 will be sold next month at an auction. Johnson is in deep financial trouble and he owes $675,210 for the single-story home. Besides Johnson, there are other rich property owners who are in dire straits. Four of them are facing foreclosures after running up a debt of more than $ 1 million. Fifteen owe $500,000. Public Trustee Bob Slade said there will be more foreclosure sales this year. He said that Fannie Mae had put a stop on foreclosures but once this moratorium is lifted, the number of foreclosures will rise. Earlier property owners had worked out a plan with lenders to prevent sale of property but it is not known whether the trend will hold true this year too.
Slade feels earlier more than 50 per cent of foreclosures were withdrawn. But this year it is not known what will happen. The environment has changed after all, he says. The number of foreclosures had peaked in the eighties. Between 1983 and 1987, the number of foreclosures was at a high of 150. In the nineties, they dropped. In fact, the figure touched a low of 14 in the mid-nineties. Then again it started climbing. In the last six years, there have been more than 100 foreclosure filings.
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