Foreclosures On The Increase

Posted in Foreclosures, October 3rd, 2007 |

During the first nine months of 2007 seven counties in Denver region have recorded 19,000 foreclosures. Only another 300 will break the record of 2006 wherein 19,425 had been filed! The first three quarters of this year saw 19,120 foreclosures against 14,001 recorded during the same period in 2006. This meant a jump of 37%.

Brothers Redevelopment runs a non-profit organization with a hotline. Since its inauguration in October 2006 already 22,000 calls have been received. These are not just statistics and facts but the real appearance of entire deserted neighbourhoods reeling under the curse of foreclosures.

Generally foreclosed houses are sold at less than the mortgage amounts. This has an effect on property tax. In a chain reaction schools have lesser funds and the police lose their teeth. With parents on the march children are yanked off schools half way through sessions.

Denver ranked tops in foreclosures with 5,375 during the first three quarters of this year. It was the biggest percentage jump from the same time in the previous year – 50.6%. In the Denver region the curse is concentrated in the northeast areas of Montbello and Green Valley Ranch. It is calculated that about 72% of the houses here are either going through the process of foreclosure or short sales. In the latter option the lender accepts less than the mortgage dues.

The community however is not sitting back. On Saturday a non-profit organization calling themselves, The Montbello-Green Valley Leadership Coalition is hosting a health exhibition that will include in its curriculum two workshops focusing on foreclosures. The City Council President of Denver opines that it is sensible to call the show a ‘health exhibition’ because foreclosures and its aftermath have a telling effect on health in general.

Tracy Williams grew up in Montbellow and feels strongly about what is happening to her neighbourhood. The scene is agonizing. She is the moving force behind ‘Our Health Matter Community Health and Information Expo. The biggest reaction to the show has been the kicking off of two free workshops. The Expo will be held at Rachel B Noel Middle School on Kittredge Street from 9.30 am to 3.30 pm. The two workshops will be for an hour at 11.30 am and 1.30 pm. respectively. It is hoped that about 100 to 150 persons will participate said a spokesperson of Trade Winds Communications. A beginning has been made.