What's Happening with Foreclosures?
What is happening with foreclosures? This last quarter, the national average length of time to begin and end a foreclosure was the longest it’s been since before 2007 taking an average of 629 days to complete the process. In Colorado, the average time to complete a foreclosure is 352 days.
Part of the reason for the national increase in time can be blamed on the fact that foreclosures had increased last month (July). That increased activity can be blamed on the rapidly rising bank repossessions, which were at it’s highest in the past two years. Banks have been “cleaning out” old distressed properties they’ve had on the books, instead of starting new foreclosures. (New starts of foreclosures were down.)
The market, especially in Colorado has been heating up. Banks will want to throw their repossessed and distressed properties out on the market to sell, and cleanse their books. It’s the perfect time for banks to get rid of their inventory.
During the month of July 2015, there were 49,957 properties repossessed by banks and lenders nationally. That’s a 29% increase from the previous month, and a whopping 81% from July of 2014.
Banks foreclosed on more Colorado homes in July 2015 than one year ago. Bank repossessions were up 41% from one year ago. Added to the number of new foreclosure starts, Colorado’s overall foreclosure rate is up 2% from July 2014. That translates to more homes will be on the market in the next three to six months.
Nationally, Colorado is number 32 for its foreclosure rate. Florida is at the top of that list with a 15% jump in foreclosures, followed by Maryland, New Jersey, Nevada and Illinois. Last month, nationally, there were nearly 125,000 homes in foreclosure. Last month also marked the fifth consecutive month with a year-over-year increase in foreclosure activity. Previously there had been 53 consecutive months of decreases. This fifth month of increase is alarming real estate analysts.
There seems to be an increase in buying U.S. real estate from foreign countries. For the first time, buyers from China have surpassed the Canadians, Europeans, Mexicans and Middle Eastern homebuyers as the top purchasers of real estate in the U.S. The Chinese investment in America’s residential real estate has grown from $50 million in 2000 to a huge increase of $28.6 billion in the year ending in March 2015. There was a total of $104 billion in residential home sales bought in the past year (ending in March 2015) by foreign buyers. The Chinese have been buying these properties with 76% rate of all cash sales.
As Chinese investors worry about their own instability in their country, they are continuing to protect their wealth by buying U.S. real estate. The quiet move of wealth to the U.S. is speeding up.
If you have questions regarding your foreclosure , contact Gantenbein Law Firm's foreclosure lawyers in Denver, Colorado at 303-618-2122.
For the best representation for your tax law business, real estate, or estate planning legal issues contact our Denver attorneys or visit our website for more information.
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