Foreclosure activity in Broomfield County .01% for 2007
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The Colorado Division of Housing released the foreclosure figures for 2007 recently and here is what they say about Broomfield:
Broomfield was one of the top 3 counties WITH THE LOWEST FORECLOSURE RATES ALONG THE FRONT RANGE.
This is very important to know if you’re thinking about buying a home in Broomfield or if you already own one because it likely means your property values are either holding steady or even increasing.
Foreclosure rates in Broomfield are 1 per 70 households or .01%.
Statewide the average was 1 per 45 or .02%.
In 2006, 114 homes in Broomfield were sold after the foreclosure process completed and in 2007, 154 homes in Broomfield were sold after the foreclosure process was completed. (Compare this to the 827 homes total sold in Broomfield in 2007.)
It is important to know how the foreclosure process works to better understand these numbers:
The public trustee (at the request of the lender) sends delinquent borrowers a Notice of Election and Demand (NED) when they are approximately 90 days late on their payments. (Some lenders wait longer and some wait less.)
When this happens the home is considered to be officially “in the foreclosure process.” This is an important distinction because not all homes that enter the foreclosure process go all the way to a sale. Some borrowers catch up with payments and some sell their homes before it gets taken away by the lender.
In general, when a home goes all the way to a foreclosure sale, it takes approximately 6 months from the initial NED notice.
If you know someone who is in danger of losing their home urge them to contact the folks at Hope Now.
Beth Skinner is a real estate professional who actually returns phone calls and emails! Click here to search the MLS for your dream home.
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