Foreclosures: Getting Better or Worse?
Hello from Breckenridge, Colorado!
What’s going on with foreclosures in Summit County? Are there more than ever, or fewer than there were?
Get the quick answer from our 1-minute video, or see the details below.
The short answer is: It appears that wave has crested, and is on the decline. The number of foreclosures in Summit County is down 50% vs last year at this time.
The chart below shows the number of properties that went into foreclosure in Summit County:
- All property types (homes, condos, land, commercial, etc) are included except timeshares
- In 2008, there were only 33 foreclosures, county-wide. In 2009: 47. Then a big jump to 104 in 2010, peaking at 145 foreclosures in 2011.
- So far, through the end of May 2012, we’ve had 37, vs 74 from 1/1/11 to 5/31/11. So, we are at exactly half the number of foreclosures compared to last year at this time. Good news!
- The number of REO (Real Estate Owned) bank sales is comparable – down about 50% vs last year
- A number of factors could change this picture, but this is the current snapshot. We’ll keep you posted!
The raw data for this chart was provided by Maggie Dew, the Business Development Officer for the Summit County branch of Stewart Title. You can reach her at (970) 393-2536. Thanks, Maggie!
So, now you know the story on foreclosures in Summit County. Believe it or not, we have even more data, so if you like market statistics, you know who to call!