Aurora Foreclosures for Sale Not the Only Problem in Colorado

by Peter Vernon on States

Along with the relatively high number of Aurora foreclosures for sale, several other areas of Colorado are contributing to the foreclosure total of the state, with Garfield County being one of these areas expected to post high foreclosed property totals by the end of the year.

State foreclosure statistics for the current year showed Garfield County already recording higher total filings for the current year compared with the whole of 2009. The county is also projected to record a foreclosure increase that is more than 50% of 2009 totals. All types of foreclosures, including properties under Bank of America home listings, are expected to reach high numbers in the state by the end of the year.

Housing market analysts also predict that, unless a filing slow down happens during the last three months of 2010, Colorado foreclosure listings will surpass the 2009 total. In Garfield, projected total number of filings by the end of the year is around 650.

So far, the county has 447 filings that cover both commercial and residential properties, including house foreclosures for sale. This number is already higher than the total 2009 filing total of 408 and there are still three months or so remaining in the current year.

With Aurora foreclosures for sale and foreclosure rates in other parts of the state not doing much better, analysts are stating that Colorado is still not out of the woods yet, with the region getting hit by the recession later than other U.S. states.

For Garfield County, commercial foreclosures are a big part of the real estate market problem. Although majority of foreclosures are residential types, property officials have reported that commercial structures have increased in number compared with past periods. Some of these commercial foreclosures are high profile pieces of real estate like Buffalo Valley LLC and a property in Cattle Creek Colorado.

As of August 31st, the highest contributor to county foreclosures was the area of Rifle, with a total of 92 filings. This is followed by Glenwood Springs which posted a total of 68, while Silt had 61 foreclosure filings. The housing markets within these areas are expected to continue this trend, just like Aurora foreclosures for sale and other city and county foreclosures in the state.