Have you Heard the F-Word in Steamboat?
The F-Word—Foreclosure—is coming out of everyone’s mouth these days. But how about in Routt County? I can’t say we’ve been insulated here in Steamboat from the national housing mess. The amount of Steamboat real estate being sold has definitely slowed down, even though Steamboat real estate prices are up.
While property foreclosures in Colorado—especially areas of Denver– have received nationwide attention, foreclosures have not affected Routt County too much.
I recently attended a Foreclosure class where Jeanne Whiddon, the Routt County Treasurer, spoke about the number of foreclosures we’ve had in Routt County. As of May 2008, 25 foreclosures had been filed in Routt County. Jeanne suggested the year would end with approx. 60-70 Routt County foreclosures.
Surprisingly, that number is similar to the foreclosures in previous years.
• Routt County Foreclosures in 2006—53 (Colorado Division of Housing data)
• Routt County Foreclosures first six months of 2007—21 (Colorado Division of Housing data)
• Routt County Foreclosures first five months of 2008—25 (unofficial Routt County data)
Of the homes that start foreclosure proceedings, only 50%-80% actually proceed to final foreclosure. (CDH data)
If a home owner is having trouble paying their mortgage, call the Colorado Foreclosure Hotline immediately. If you are interested in selling, contact me for a free home valuation.
Posted: June 13th, 2008 under Real Estate.
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