Buyers looking for a good deal always want to know about Foreclosures. Whether they are a good deal or not depends on many things. Typically the best deals are found when the market is flooded with houses, both from "normal" sellers and bank inventory.
Once our market was flooded with inventory, but that's not true of late!
Colorado Foreclosure filings are down when compared to last year. Each month the filings for foreclosures decreases from the month prior. This is a trend, as our market improves the number of foreclosure filings will decrease.
WHY? Because when people want/need to sell their homes, they will have sufficient equity in them thanks to the raising values in the neighborhood.
The tide will rise the underwater homeowners benefitting them with equity. They won't have to default to get out of their homes.
The Top 5 Cities with # of foreclosures to population (August 2014):
Byers 1 in every 236
Aurora ~ 1 in every 572
Littleton ~ 1 in every 791
Englewood ~ 1 in every 858
Denver ~ 1 in every 2493