Denver Foreclosures Decline, Home Sales Go Up!

Foreclosure Update: Five States account for 60% of the nation’s foreclosures in first quarter of 2009.

California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation's foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.

Nevada continued to document the nation's highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average.

But remember that true Real Estate numbers should not be calculated nationally. Real Estate is LOCAL!

Foreclosure activity in metro Denver declined at one of the fastest rates in the nation during the first quarter, according to a report last week from RealtyTrac. The rate for Denver came in at a low 0.70 percent.

Notices of default, foreclosure auctions and bank repossessions fell 45.8 percent in the first quarter of 2009 from the same period in 2008 in metro Denver.

Simultaneously, existing home sales have increased each month of the first quarter, showing a steady improvement as we enter the spring market.

There is no doubt that the 8,000 tax credit is having an impact on sales. It certainly makes sense, especially considering how low interest rates have remained. If there is any way possible to purchase a house now, it’s definitely the right time.

For more information on buying, selling or financing a home feel free to contact joan@roglianorealestategroup.com for more information about homes in your area.