Summit County Foreclosure Update

 

So far in 2011 we have had 144 properties foreclosed on (these numbers do not include timeshares) in 2010 we had 104 properties.  That is an increase of 28% for 2011.   

 

It is interesting to note that the difference from the opening bid and then what they sold for as a Real Estate Owned (REO) are on average between 16-42% less than the opening bid provided by the lender.

 

According to LPS Applied Analytics, which collects data on nearly 40 millon mortgage loans,  Colorado is ranked close to the bottom of the foreclosure crisis.  LPS has ranked states the time it would take to clear the supply of homes in foreclosure or have seriously delinquent mortgages at the current rate:  Colorado is ranked at 2 years for a foreclosure pipeline.  Just a comparison the State of New York and Washington DC are at 57 years.  The average across the country is 8-10 years.