Aside from Colorado Springs distressed properties and foreclosed homes in various areas of the state, Colorado is also facing an unemployment rate of over 9%. As of January of this year, the unemployment level of the region is at 9.1%, higher than the national rate, according to data presented by the Colorado Department of Labor and Employment. Economists have stated that Colorado seemed to be going in the opposite direction from the whole country in terms of job market condition.

Around 240,000 people are said to be unemployed in Colorado; a considerable number, given that the state has an estimated labor force of around 2.7 million. With so many people out of job, housing market analysts have stated that there is not much chance that home buying activity will pick up in the state soon, not even among low-priced distressed houses for sale in Colorado. They stated that the home market will likely remain down despite relatively stable average home selling prices.

According to housing market observers, the high unemployment level explains why listings of distressed properties and other residences remain unsold for long periods of time in the state despite a growth in population. They stated that the initial unemployment estimate was 8.9%, which makes it lower than the national average. This, analysts have stated, prompted more people to move to Colorado, with majority of them coming from areas with higher unemployment levels.

However, now that the actual figure has shown an over 9% level of joblessness, the unsold distressed homes and foreclosed commercial properties can be explained. The report from the department revealed that the biggest employment declines were recorded in the hospitality and government sectors, with the former losing 2,300 jobs while the latter eliminated around 2,800 positions. Data also showed that the unemployment level of the state in January was the highest on record since 1976.

With listings of distressed properties and foreclosure numbers expected to increase further this year, economists stated that the economy of Colorado will continue to experience a downturn. According to them, the rest of 2011 will be all about riding the wave and maybe look forward to a better economic condition come 2012.

Listings of Distressed Properties and Unemployment Hit Colorado is a post from: Foreclosure Homes Investing

The nearly 5,000 foreclosures were the ones completed out of a total of 12,135 foreclosure cases filed by banks from April to June, the highest number ever filed for a single quarter.

The increase in foreclosure was highest in Mesa County, where foreclosure filings increased from 108 in the second quarter of 2008 to 264 in this year’s second quarter, a staggering increase of 144 percent. Completed foreclosures increased more than three times to 58 units, compared to only 18 units in last year’s second quarter.

Colorado officials and housing analysts contend that the rise in foreclosures in Mesa County was driven by the decline of oil and gas operations in the Grand Junction region. They however explained that although filings increased, Mesa’s overall foreclosure rate is low compared to other areas in Colorado.

The county with the second highest rise in foreclosure filings is Broomfield, where foreclosure cases increased by 45 percent to 106 filings in this year’s second quarter. Only 73 cases were filed during last year’s second quarter.

In contrast, other Colorado counties experienced improvements in relation to foreclosures in the second quarter.

The counties of Arapahoe, Adams and Denver all posted decreases in completed foreclosures. Completed foreclosures in Denver dropped by 30 percent, completed foreclosures in Adams fell by 19 percent, and completed foreclosures in Arapahoe decreased by 16 percent.

According to Colorado officials, despite the record increase in foreclosures in the second quarter, the state housing market seems to be rising up from the large numbers of foreclosures that clobbered the state in 2007 and 2008.

Across Colorado, according to the housing division, one foreclosure was completed for every 202 housing units in the first 6 months of this year. During the first half of 2008, one foreclosure was completed out of 192 housing units in the state.

In 2008, a total of 39,333 foreclosure cases were filed, and out of these, a total of 21,301 cases were completed.

Ryan McMaken, spokesperson for the Colorado Division of Housing, explained that although there were significant increases in defaults and foreclosures in some areas of the state, the division does not expect completed foreclosures in 2009 to rise as sharply as last year.

Record Number of Colorado Foreclosed Houses in 2nd Quarter is a post from: Foreclosure Homes Investing

The NSP initiative, authorized by the Housing and Economic Recovery Act signed by President George Bush in July 2008, aims to help local governments acquire and repair distressed properties, demolish and rehabilitate blighted neighborhoods and set up land banks for development projects.

During the first nine months of 2007, the counties of Arapahoe and Adams had over 4,400 foreclosures, as reported by the city of Aurora. According to Jeff Hancock, the city’s coordinator for vacant properties, the city’s northern part accounts for the largest portion of Aurora distressed homes. The section is likely to get priority assistance under the NSP funds.

Before Aurora can receive the $4.5 million NSP allocation, the city must first submit to HUD its plans on how to spend the money in terms of target neighborhoods, budget, time frame and income levels. The plans must also include results of public hearings or public comments gathered through the city’s web site.

Garcia’s plans include the acquisition, repair and resale of about 100 foreclosed homes in the $150,000 range within the five-year period of the program. The rehabilitated properties could be sold as moderately-priced housing for new homeowners or offered as affordable rental housing for low- or moderate-income renters.

Among the key factors required by the NSP in the selection of recipient communities are the foreclosure rates, the number of foreclosed properties, the number of houses financed by subprime mortgage loans, the number of houses in delinquency and the income level of the neighborhood.

Aurora Finalizes Plans for the $4.5 Million HUD Foreclosure Funds is a post from: Foreclosure Homes Investing