Quote:
Originally Posted by sierraAZ
What's the reason for so many foreclosures then?
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Foreclosures happen in every market. Our foreclosure rate have been over-reported due to the unique way Colorado processes mortgage foreclosures.
Since there hasn't been a run up, there also hasn't been any (or little) equity building.
Some folks used their homes like an ATM machine. Some bought when they shouldn't have. Some people have a change of fortune...
Colorado has a mortgage hotline to help homeowners stay in their property - sponsored (in part by) the Colorado Association of Realtors.
Foreclosure Prevention (http://www.dola.state.co.us/cdh/foreclosure.htm - broken link)