From the Rocky Mountain News: Metro area tumbles on foreclosure list

From the Denver Post: Metro areas in California, Florida lead foreclosures

While it’s good to see that Denver is not on the top ten, we’re still close to the top of the list.

Foreclosure article from the Denver Post:

A third-quarter report on home values in the metro area shows that foreclosures and short sales are still having an impact on Denver-area housing markets – particularly those where homes are priced at no more than $200,000.

Read the full article: Foreclosures slam door on home prices

File this under: Unsuspecting borrower duped into getting a difficult loan to comprehend.

From Sunday’s Denver Post: Crushing ARMs squeeze homeowners

In 2003, 1.1 percent of mortgages originated for a purchase or refinance in Colorado were option-ARMs and another 2.5 percent were interest- only loans that didn’t pay down principal, according to First American LoanPerformance, a San Francisco mortgage research firm.

…

Many borrowers don’t understand negative amortization, how their payments are rising, and why the loans they expected to rescue them are dragging them into foreclosure, he said.

The mortgage brokers who sold these loans were (most of them are out of the industry) dumber than dirt yet were great at selling these products. If you went with a mortgage broker because they sold you on a loan products, who’s really to blame?

State foreclosures slip to 8th

In the past couple of years Colorado has ranked at or near the top in foreclosures, but other states are now encountering their own crises.

Keep in mind that every state identifies foreclosures differently. In this race, 8th place is better than 1st.    

Being of Roman descent (Alfedena for those who like geography) I prefer Caesar to Czar:

Susan Foley, recently appointed “foreclosure czar” for the city of Denver, has seen firsthand the impact of people losing their homes.

According to the article, Susan Foley has been a planner for Denver’s economic development office for 20 years and also works as a real estate agent.

Read the full story: Why homes are lost studied

Here’s a press release for Universal REO. What’s my connection to Universal REO – my buddy Dan is the CEO.

LOCAL DENVER COMPANY RELEASES NATIONAL WEB-BASED FORECLOSURE EDUCATION WEBSITE FOR REAL ESTATE AGENTS.

UniversalREO.com, a Denver-based company, is reaching out to thousands of real estate professionals across the nation by providing a ‘Resource Center’ for those trying to make a difference in the foreclosure epidemic. According to founder and CEO, Daniel Waterman, “UniversalREO.com is an unparalleled stratagem designed to unify the real estate foreclosure industry. Through the shifting of the REO (Real Estate Owned by Lender) paradigm to meet a more streamlined business model, professionals are enabled by technology and informative resources. Our objective is to elevate the standards by which REO professional operate on every level.”

By offering thorough education on the valuing of properties, the resources and tools on how to determine values, marketing tips, as well as where to obtain new REO business, UniversalREO.com is providing a service that not even real estate colleges offer. After spending years as an REO Specialist for the top REO Real Estate Marketers in the nation, Mr. Waterman realized his true calling as a teacher. His trial-by-fire education in technology was what gave him the foresight to provide this knowledge to the masses via the information highway.

In this “Web 2.0” universe there exist many one-offs offering overnight REO Business success schemes on the web. UniversalREO.com offers more. Education, Valuation, and Marketing are the keys to success in a real estate market flooded with properties for sale due to default mortgage payments. Cutting-edge concepts on moving these properties into the appropriate hands while maintaining value to companies like Countrywide Home Loans who recently took out an $11.5 billion dollar loan to aid their default mortgage deficit is the only way this country will ever jump back on track. By conveying knowledge through on-line video courses, eBooks, blogs, podcasts, certification, and connecting REO Management companies and direct lenders with the educated real estate agent, as well as the end consumer, UniversalREO.com is blazing new trails throughout the nation. UniversalREO.com currently covers over 50% of the nation for Real Estate Agent and Vendor clientele.

When I think of REO, I rarely think of properties, real estate, or banks. I usually think of the Holiday Inn commercial. You know the one where the guys hum “Take it on the Run” by REO Speedwagon:

REO stands for Real Estate Owned. People inside and outside of the real estate industry believe that foreclosure and an REO purchase are one and the same. They aren’t. A REO property is the direct result of a failed foreclosure sale.

To learn more about REO, visit the REO BLOG.

Article from the Rocky Mountain News:

Vacancy rates for rental homes are the lowest in recent memory, thanks to record foreclosures in the Denver area, officials said Wednesday.

Read the full story: Rental houses in short supply

Mortgage article from the Rocky Mountain News:

The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.

Read the full story: House bill would aid homeowners facing foreclosure

You may need a NY Times login to view this slide show on foreclosures:FORECLOSURE IN PICTURES.

Next time you see those ugly yellow WE BUY HOUSES SIGNS, you know exactly what types of homes are being bought.