Foreclosure. It’s a word that no homeowner or even tenant wants to hear and is loaded with fear and anxiety. But good news! Foreclosure rates in Colorado Springs are on the decline!
According to an article in The Gazette, foreclosure notices sent to Colorado Springs and El Paso County owners totaled around 87 in November. That’s a 17.1% decline just from October alone and a 38.3% drop from last year. And in the last 11 months, foreclosure notices in El Paso County only totaled 1,184, which is an 11.1% reduction from the same time period last year. This sets Colorado Springs on the route to reach its lowest foreclosure rate in 15 years.
CoreLogic, a housing data firm based in California, reports similar findings, according to the same article. Loans that were in some stage of foreclosure were down to 0.38% back in September. Last year, that number was at 0.60% for the same month. And the number of those who were delinquent on their mortgages at least 90 days was 1.35% in September, down from 2.01% last year.
This, of course, is great news!
It’s All About the Market
So what’s causing foreclosure rates to decline? According to The Gazette article, there are two things that people are crediting the decline to: a stronger economy and an improving single-family housing market. With how strong the housing market is, homeowners have options. With more and more people looking to buy, property values on the rise, and lower interest rates, homeowners who find themselves in trouble with their mortgages have the chance to breathe and avoid foreclosure by selling their homes or refinancing.
Foreclosures are a huge stress not only on homeowners but tenants alike. Not only is the owner losing their home, but often times the tenant finds themselves looking for a new place to live as well. But with foreclosure rates on the decline, it’s just one less thing to worry about.