Your Trusted Real Estate Advisor

Every now and then an article shows up that makes a fuzzy picture clear. A lot of those come from Michael Barone. His article, Foreclosures Are a Regional, Not a National Problem--Half Are in Four States, plainly shows that the foreclosure situation in Colorado is pretty good by comparison. It gives hope that our housing market will rebound long before some other states.

Colorado’s foreclosure rate is just under the national average of 11 per 5,000 housing units. Ours is 10 per 5,000. Compare that with:

    Nevada 66 per 5,000 housing units

    California 29 per 5,000 housing units

    Arizona 27 per 5,000 housing units

    Florida 23 per 5,000 housing units

In other words, 53 percent of the nation's foreclosures took place in states with 21 percent of the nation's population. It will take the market a lot longer to rebound there than in Colorado. We don’t have a many foreclosed homes waiting to be sold, so a normal homeowner who wants to sell will have a better chance to sell than in those high foreclosure states.