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Home foreclosures are on the rise across the United States, including in Denver, Colorado, painting a grim picture for many Americans grappling with soaring living costs and skyrocketing interest rates. According to the latest data from real estate data provider ATTOM, there were 32,938 properties with foreclosure filings last month alone. Foreclosure, a dreaded term in the realm of homeownership, rears its head when homeowners can no longer keep up with their monthly mortgage payments, ultimately leading to the loss of property rights. These filings encompass default notices, scheduled auctions, and bank repossessions. The surge in February marked an 8 percent increase compared to the previous year. This surge in foreclosures sheds light on a housing affordability crisis gripping the nation, with certain states—and cities like Denver—bearing the brunt more than others. South Carolina topped the list with the highest number of filings last month, followed closely by Delaware, Florida, Ohio, and Connecticut. However, it's important to note that urban areas, particularly Denver, are also seeing a noticeable uptick in foreclosure activities as residents face similar financial pressures. The resurgence in foreclosures traces back to the end of 2021, following the expiration of state and federal foreclosure bans, as banks rushed to make up for lost time. Rob Barber, CEO of ATTOM, notes that this trend hints at evolving dynamics within the housing market, potentially prompting adjustments in market strategies and lending practices. In Denver, like much of the nation, housing affordability has plummeted to historic lows, exacerbated by surging house prices, a shortage of available homes, and elevated mortgage rates. With the average 30-year fixed-rate mortgage moving between 6-7 percent, homeowners are grappling with nearly $1,000 more in monthly payments compared to just two years ago when rates hovered around 3 percent. The strain of keeping up with payments has become increasingly burdensome, with many Americans—and particularly Denverites—dipping into their savings to stave off foreclosure. In the midst of this tumultuous landscape, Trusted Home Offer emerges as a beacon of hope—a reliable resource for homeowners navigating the complexities of foreclosure, particularly those in Denver. If you or someone you know is in foreclosure, reach out soon. The clock is ticking, and every day that passes, interest and fees eat up any potential equity. |
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April 2024
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