Foreclosures on the Front Page

You can't seem to pick up a newspaper nowadays without news on foreclosures in Colorado. Both Denver papers yesterday had this news highlighted on front page. Our state has the highest foreclosure rate in the Country according to RealtyTrac Inc.

Counties with the highest foreclosure rate are Adams, Arapahoe, Denver and Weld. Out of these counties the one I have experience with is Adams County, the city of Thornton specifically. I have seen a lot of homes built in Thornton the past few years and there is still a lot of new homes being built and planned to be built in the future. So when I have taken Buyers out to view existing homes in Thornton my Buyers generally gravitate towards looking at new construction--their reasoning is why should I buy a "used" home that's 2-3 years old rather than buying a brand new one for the same price or in a lot of cases a lower price due to builder incentives.

When looking at buying a home it's important to find out the overall plan for the city and area you are buying into to find out how many new homes will be built in the future. Seems like I keep making this point again and again but it's so important in relation to the future value of your property.