Posts Tagged ‘single family’

Statistics on Colorado foreclosures, on Tuesday, were largely at variance with one another. According to one online source the number is up but another one says it is down. The difference between the two figures is quite considerable and therefore confusing.

According to Bargain Network the foreclosure listings was 8,662 – that is about 3% drop from the previous month. The rate works out to one foreclosure for every 211 properties. It placed Colorado fifth in rank. In April Colorado was fourth with the foreclosure number touching 8,907. It was a considerable 22% decrease from March.

But the national picture is that listings jumped to 6% from April with 149,000 properties ready for the anvil. In November 2006 the number was 108,000. This meant an increase of a staggering 38%.

The states of Colorado, Florida, California, Texas and Illinois have the distinction of being responsible for 59% of all the foreclosures in the country. Among these Florida comes first with 29,820 houses waiting to suffer the process of being foreclosed and auctioned. Texas comes third with 11,012 units marked to be doomed. This means that on an average Texas has one foreclosure for every 732 houses.

Most of the activity in the foreclosures– that is about 87%, centred on single-family houses. 75% comprised of the market in condominiums and town-homes. The remainder was about commercial units, land, mobile homes, multi-family and the like.

A second rival company that deals with real estate, Realty Trac Inc. in Irvine, California came out with contradictory reports later on Tuesday. In its report the number of Colorado foreclosures is up by 8.5% in comparison to last month – that is April 2007. Realty Trac went on to add that Colorado listings number 6,321. This means only one out of 290 units is under the cloud of foreclosures. Nevada was rated as having one foreclosure for every 166 properties.

Realty Trac has come under criticism for doing the wrong counting. It now plans to revise its method of reporting of putting together in one basket all the foreclosures. It will now break it up and give a step-by-step statement of how many units are moving through which stage of the foreclosure process. Foreclosure is a lengthy process and does not involve one quick move. By next month the new Realty Trac figures should be available to enable analysts to assess the situation from different angles.

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Investors are moving in for the kill. The lashing tidal waves surging through the entire country has taken its toll. Now is the time to buy and buy – most probably to rent it out and wait for the wave to subside. It’s a great time to shop for foreclosures.

The worst hit are the suburban areas. The hearts of the cities are yet to feel the pinch. But there is no doubt that temperatures are rising fast and developers are scrambling over each other to make hay while the sun shines – at least for them.

Statistics gives a grim picture. Since the first quarter of this year 3,605 houses in the seven-county metro regions have gone up for auctions. This gives the area the dubious distinction of continuing to rank first since the previous year in this matter. The total number is more than 34,000 and that does not include 9,000 single-family units about to be completed and lying vacant.

Condominium Opportunities Partners in Eden Prairie is a new group tempted to come forward to the beckoning call of rows of empty condos dotting the landscape of Twin Cities. At a guess there are bout 3,000 to 4,000 foreclosure and apprehended foreclosure listings in the seven-county metro region. For good reasons developers are trying to conceal the magnitude of the crisis.

The group plans to go for bulk buying of foreclosure units from the banks by offering steep discounts to the tune of 60%. Without disclosing details of the partnership the group says that more than $10 million has been invested – the funds coming from rich persons and few institutions. Already they have started opening a dialogue with lenders. They anticipate that it will take quite a number of years before the market makes a turn around and recovers.

Studying the area, Condominium Opportunities Partners opines that two problems are at the root – overbuilding and poor designs. About six heavy weight developers are in the red and many condo projects have gone into foreclosures. One cookie-cutter floor plan for all the units, expensive parking lots and thousands of square feet of unnecessary amenities like theatre rooms and libraries have driven up costs. Another reason has been wrong choice of location. Condos priced at $3000,000 and $400,000 came up in areas where homes were valued at $225,000. Some of the projects were losers in all respects from the very beginning.

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