| If Georgia is the top state for real estate | | | | government claims of a stronger economy. The |
| frauds, Colorado real estate steals the spot | | | | head of Colorado Real Estate Center, Byron |
| for being with the most foreclosures. | | | | Koste affirms the statement by Wenke. Koste |
| Colorado has the distinction of having the | | | | says that the rising foreclosure rates should |
| highest number of foreclosed homes in the | | | | serve as a red flag for the economists that |
| nation for the second consecutive month. This | | | | are claiming economic strength. Koste adds |
| is the latest sign that the weak, | | | | that foreclosures are more frequent among |
| lower-priced housing market continues to | | | | entry-level housing market. Events like these |
| plague the economy. The RealtyTrac Inc. | | | | usually throw real estate businesses off |
| report shows that since April, 3,706 homes in | | | | because consumers are more hesitant to buy |
| Colorado were in state of foreclosure. That | | | | houses.However, Cherrywood Properties' Ben |
| translates to a ratio of one of every 494 | | | | Fielder claims that it is unfair to |
| households in foreclosure. The national | | | | categorize the whole of Colorado real estate |
| average is one of every 1,268 | | | | as foreclosure haven. He asserts that the |
| households.Colorado real estate retained the | | | | foreclosures are primarily concentrated on |
| No. 1 spot even though the rate of | | | | the northeastern side of Aurora and Adams |
| foreclosures dropped by 31 percent from | | | | County. He even claims that real estate is on |
| March, when 5,392 homes were in foreclosure. | | | | a steady rise and that people are more |
| There is a disaster driving the high rate of | | | | excited than ever to buy their own Colorado |
| foreclosures, said Mary Wenke, public trustee | | | | home. The only problem he sees is that there |
| of Arapahoe County. In April, Wenke's office | | | | are over-enthusiastic buyers who get loans |
| opened 436 foreclosures, compared with 288 in | | | | and mortgages that they cannot manage.Whether |
| April 2005. Wenke insisted adjustable rate | | | | you decide to buy Colorado real estate or |
| mortgages, whose interest rates are starting | | | | not, it's up to you. The place is good, with |
| to rise, will mean even more foreclosures in | | | | nature and a vast selection of prospective |
| coming months. The factors driving the | | | | homes. The government also provides good |
| numbers include a record excess of unsold | | | | public service. Just mind what Colorado real |
| homes in the market, homeowners' huge credit | | | | estate experts like Wenke, Koste, and Fielder |
| card debts, pre-payment penalties, mortgage | | | | have to say -- do not buy homes you cannot |
| fraud, and bankruptcies.Wenke asserts that | | | | afford. Lenders and banks won't have second |
| foreclosures are just stages in a vicious | | | | thoughts in taking it back if you can't pay |
| cycle and affected by unemployment. She adds | | | | for it. |
| that the foreclosure rates negate the | | | | |