I did a search for the number of foreclosures in our MLS. Out of a total 13,457 homes for sale only 214 of those homes were what the consumer refers to as "foreclosures" or "bank owned" the correct term. That's 2% of the entire market!
If you are looking for a home, why would you want to exclude 98% of possible homes?
So what happened? It's easy, the real estate market turned around. Home owners are no longer under water as real estate values have increased in the Denver Metro market over the past few years. When values increase, home owners have the ability sell their homes if they need to move so they do.
What should home buyers do now?
Buyers now need to reframe their thinking and look for real estate deals in a different way. Yes, there are deals available in the real estate market. In order to find them you need to align yourself with a professional who can help you find the right one for you.