Colorado be Proud! #1 in foreclosures!

[serryjw]

quote........
DENVER Colorado posted the highest home foreclosure ratio in the nation last month, a problem experts blamed on everything from the state's lackluster economy to a reliance on mortgages bearing high interest rates.

One out of every 339 homes in the state was in some stage of foreclosure in March, according to RealtyTrac, an online provider of foreclosure listings. The national rate was one out of every 1,138 households.
end quote......

Colorado finally passed legislation to license mortgage brokers like most states do. This is one of the problems that mortgage brokers got people into homes they could not afford while they made a commission.
http://cbs4denver.com/local/local_story_110151611.html

[Breeze54]

1. lmao! Love your title!!

lousy, MF brokers and CO legislature! :grr:

[killbotfactory]

2. My wife and I barely escaped forclosure in Colorado Springs

Someone bought our house at the last minute, and saved us. We managed break even.

[serryjw]

6. I'm sorry you lost your home

but happy you could sell it. Are things getting any better?

[killbotfactory]

10. They are...

Slowly.

[bliss_eternal]

3. That's terrible...

my heart goes out to those in foreclosure. To have their dream of home ownership end like that. Yikes. :(

[intheflow]

4. Doesn't surprise me.

There are so many McMansions going up in my Denver neighborhood. My SO and I walk around wondring who in the world can afford them--the lots alone go for a 1/2 mil. Now I see people can't afford them. :(

[serryjw]

5. I agree

Interesting article. The prices have become obscene. I live in Cap Hill and they are converting apts into condo's. Denver does not warrent $300K for 1000 sq feet.
http://realestate.yahoo.com/realestate/story.html?s=rej/item-37fe5696694bc26baff6ef27146ca20e.html

[SoCalDem]

7. I actually heard a financial guru the other day, say that a couple

making $40K, should not even LOOK at anything over $750K, because 20 times the annual gross wage is about "IT".. WHAT F'ING planet is he on??

How on earth could a couple making $40K even BEGIN to afford the payments on 3/4 million dollar house..and heat it, cool it, buy food for the family, buy gasoline.etc..

especially since people only really have the NET income to spend...not the gross..

That's why there are so many foreclosures..

[Horse with no Name]

8. I make at least that

with some to spare and I couldn't begin to afford anything over $100k and indeed right now live in a depressed area with a $40k home.
I can't IMAGINE someone in my income bracket biting off a 3/4 million dollar investment.:scared:

[niyad]

9. but--but--our economy is GREAT--chimpboy said so!! I saw that headline

this morning, and my first reaction was "oh yeah, the economy is just GREAT" --and it was right next to the headline about pike national forest being one big tinderbox waiting for the match (but there is no such thing as global warming, or droughts that go on for years, right??)

last year at the Parade of Homes, I saw houses in the 3/4 mil- 2.5 mil range, and wondered who the hell was going to buy them and where they work. the mcmansions are absolutely insane. here in OCC, houses are on the market for months before they are either sold or pulled off the market. a sad, sad situation. not to mention that there are 17 empty storefronts in OCC-- 4 almost next to each other in the same block.

oh yeah, our economy is just GREAT!!!