Home Repos Spare None, Not Even The Rich And Glamorous

Posted on June 17, 2008
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Till now the heads of the low-income houses rolled. But now repo homes numbers are reaching out for the nobility – sparing not even the rich and glamorous houses. The insatiable appetite of foreclosures is sparing none.

Douglas County is a rich and fast growing region of the nation. On an average one house worth about $1 million is going to the gallows each week. Dianne Bailey, public trustee of Douglas County comments that as yet no $2 million house has been listed for foreclosure. Most of the houses had been bought by speculators customized for ritzy purchasers. So far these houses have not been sold. Douglas County alone is not bearing the brunt. None included in 2007 Parade of Homes in Arapahoe County had been sold. One has gone into foreclosure. Most of the units in Douglas County entering the foreclosure net are priced around $300,000 to $350,000. Previously the range was from $250,000 to $300,000.

The blame is being put on the sub-prime adjustable rate mortgages that are moving upwards. During the first quarter the number of home repos increased to 78% in Douglas County in comparison to what it was a year earlier. This is according to reports released by Colorado Division of Housing. In Douglas County there were 665 foreclosures during the first quarter. In the first three months of 2007 there were 373 postings.

Across Colorado the foreclosure postings were 23% higher during the first three months of this year compared to the same period in the previous year. During the first quarter 11,630 new foreclosures were registered as against 9,443 in 2007, same time. In the whole year of 2007 there were 39,915 new foreclosure postings. Thus the foreclosure rate equates to 1:159. The rate is the highest in Adams County with a rate of 1:86. In Weld County it is 1:102.

The Genesis Group collects data of foreclosures along the Front Range. Mike Rinner of this group says that he is not surprised that costly houses are now being targeted by foreclosure. The maximum concentration continues to be at the lower end. There are not many new house purchasers. It is a floating up of bad news – it is going up like foul gas from the lower ends to the upper ones.

Brokers know that foreclosed house get sold even before going to the auction. According to market rules if it is priced correctly purchasers will come and knock.

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