Denver Real Estate Report

Foreclosure filings across the U.S. are down for the 3rd year in a row, according to RealtyTrac.

Default notices, scheduled auctions and bank repossessions were reported on 681,153 properties, down 14.8 perscent from the previous quarter and a drop of 26.9 percent from the first quarter of 2010.

The State with the highest rate of foreclosure is Nevada.  One in every 35 homes had a foreclosure filing.  California along accounts for almost one-quarter of the overall foreclosure activity.

Locally we continue to see properties in foreclosure.  But the numbers continue to lesson.  Last month our inventory was down 11.60% from the same time last year.  Our inventory of units for last March was 20,030, this year it is 17,707.  That may seem like a lot of homes but spread them out over 7 counties in various price ranges, the inventory for each buyer to see in their price range is not a lot.

As sales continue and inventory dwindles, the next stage in the process shall be a housing storage.  We have already witnessed homes priced right receiving  multiple offers.