Homeownership Dropped Due to Denver Bank Foreclosures

by on cities

The increase in the number of Denver bank foreclosures is partly to be blamed for the drop in homeownership in Colorado. Census data showed that incomes in the state have risen steadily from 2000 to 2008. But despite the increase, homeownership in the state dropped significantly.

Data from the Census Bureau showed the condition in Colorado and its biggest counties and cities as they start to feel the impact of the recession in 2008.

According to the census report, six of the eleven biggest counties and nine of the thirteen biggest cities in Colorado saw homeownership declines. The biggest homeownership drop was reported in the county of Douglas, including Thornton and Highlands Ranch.

Statewide, incomes increased for an average rate of 20 percent over the 8 years. However, the amounts of incomes vary, ranging from $37,500 for those living in Pueblo to over $100,000 for residents of Highlands Ranch.

Meanwhile, an increasing number of people are working at home. In the counties of Boulder and Douglas, one out of 10 is working at home. Similarly, few people use their cars as mode of transportation when going to work. However, commute times in many metropolitan areas in Colorado have increased. Those living in Thornton spend the most number of hours in their cars, with 31 minutes one way.

On the other hand, industry experts said that the growing Denver bank foreclosures in the past five years wreaked havoc on the lives of homeowners in many cities in the state. Many homeowners lost their homes to foreclosures and forced them to rent houses.

Industry experts said that the number of people purchasing houses in Colorado is far behind the state’s population growth. They said that traditionally, homeowners are welcomed by cities as active members of their communities. Homeowners usually attend community meetings and were interested in zoning.

But the foreclosure crisis has changed all that as it tempered homeownership benefits. Some of them are discouraged from owning houses because of the risks involved.

On the other hand, the number of older people who are working has been increasing steadily for the past 10 years. Industry experts are predicting a rise in the percentage of older workers in the coming years. Similarly, the number of families with both parents employed in Colorado is also steadily rising from 56.9 to 58.4 percent last year.