Colorado Springs Foreclosures Are Real

Colorado Springs foreclosure and distressed properties are not as prevalent as in some areas of the country, but we have our share. Last month the bank owned and distressed properties made up 34.5% of our sales, which is why prices appear to be down so far. When digging behind the numbers, I discovered something interesting (at least to me!). Homes with more than 2500 finished square feet were only 14.5% of the “distressed” sales, and when looking for more than 3000 finished square feet, it was only 9.3% of the mix. What that means to me is that our averages are being drawn down a lot by homes that are both distressed and on the smaller side. Larger homes are not as big a part of either the distressed “pool”, or of the kinds of homes being sought by investors or bargain hunters. Homes that have larger areas for living space are much more likely to be a normal sale, and likely to be owner occupied after sale.
The El Paso County Trustee’s office does a nice graph of foreclosure trends for Colorado Springs, here is the link to the current report: El Paso County Foreclosure Report
We got a dusting of snow overnight, but it is expected to pick up a bit during the day, with another couple of inches supposedly coming. Given how cold it is (it was 18 degrees this morning), it is very light and more “broom” type than shovel type snow.
Today’s photo was taken from Highway 9 south of Hoosier Pass in June. I thought of it as ski season is finally getting underway, with over 30 inches of base at many resorts. I like it closer to 40 myself, as the rocks are still showing some at 30, but with it being all nice and fresh, I am getting the itch to go! Vail reportedly got 24 inches this week, there should be some nice stashes of powder for while now. I love the web cams they have at many resorts, here is Copper Mountain’s.
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