So how many foreclosures are out there? Very good question and lots of different answers. Informally, there are a lot. Formally there have been 2299 foreclosures go through the process which is 230 more than last year.

In am seeing a market heavy in foreclosures below $200,000. I feel the south end of Colorado Springs in particularly hard hit although no one area is safe. Last week we saw a foreclosure sale in Falcon along the Antler Creek golf course for $270,000. It sold brand new for $400,000 three years ago.

Officially I have attached the foreclosure report from El Paso County. It is reflecting a pace that will set a record again this year. I expect t see a lot of these homes to hit the market in the coming months. Banks still are not smart enough to work through short sales effectively. Until they figure that out, foreclosures will remain high.

The good news is that affordability is as good as ever. Rates are still below 6% and prices are low. Call us and we’ll show you how. See below for the attached spread sheet from El Paso County.

Thanks,

Brian

For those that may have wondered where I went on my weekly blog I was at the College World Series in Omaha. My son was playing in a 13 and under baseball tournament there. In our age group there were 44 teams. We were the top Colorado team in 16th place.

This is a baseball experience. The College World Series works with several baseball leagues has multiple tournaments going on. In addition to our tournament we get discounted admission into the College World Series (CWS) games.

We got to see Arizona state play North Carolina. The game and setting in Rosenblatt Stadium are perfect for college baseball. They are talking in Omaha of moving the series to a new stadium. I believe the NCAA is spear heading an effort for a new stadium.

The vendors were also a treat. TPX, Rawlings, Wilson and Mizuno, you make it were all these selling stuff at great prices.

If you want a true pure baseball experience, to the College World Series.

Thanks,
Brian

Are you one of those buyers who’s waiting for prices and interest rates to come down? If so, you may have missed a golden opportunity.

In today’s Gazette it quotes various buyers who missed 5% interest rates because they are now 6%. 3 lenders I spoke with yesterday including Wells Fargo and Bank of America said the spike in rates was way over due. Rates need to go up because the American dollar is being devalued because of the trillions of dollars being spent by the government.

So what are you going to do? I am seeing home prices remaining stable and in a few cases going up. The market is red hot below $200,000. From $200,000-$300,000 it’s a solid market. The real deals are being found above $ 400,000, how much longer will you wait for drops. The military is coming in. they are buying the $200,000 and below. Those sellers are turning into buyers of the higher end homes. It’s a trickle up effect.

Interest rates while they took a 1% spike up, should not change dramatically. It is a matter of time before they will have to. The experts feel that current rates will hold for another year. 5% rates are low. Back in the 1980’s they were 14%. In the 90’s we thought 9% was a great rate. Whether the rates are 5% or 7%, it’s cheap.

No one is good enough to predict the market at its lowest point. I have been saying for months that we are there or awful darn close. Please give us a call so that we can advise you and your situation.

Thanks,

Brian