The amount of Summit County real estate that entered foreclosure in 2009 was up 63% compared to 2008, and though that sounds like a lot, Summit County properties still have a very low rate of foreclosure, compared to the rest of the state and the nation as a whole.
Exactly 300 (1.04%) Summit County properties went into the foreclosure process in 2009, up from the 190 in 2008 (0.70%).
Of those 300, 139 were single-family homes, 78 were condos and 63 were time-shares. The rest were lots, and a few were commercial properties.
In the entire state of Colorado, 50,514 — or 2.37% of all homes — went into Summit County foreclosures. Colorado has the 10th highest foreclosures rates in the country, though foreclosures in Colorado's ski resort towns remain well below the national statistics.
Nationwide, the percentage of homes entering foreclosures was 2.21% (about 2.8 million homes) in 2009, up from 1.84% in 2008 and 1.03% in '07.
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In Summit County, most of the 300 homes that entered the foreclosures process didn't actually go into Summit County foreclosure; either homeowners worked something out with their lenders, or the Breckenridge foreclosure process was postponed.
As a result, only 56 of the 300 Summit County short sale homes were foreclosed upon, as compared to 23 in 2008.
Because so few Summit County bank owned homes were foreclosed upon, foreclosures had little to no effect on Summit County real estate prices overall.
A property usually enters the Breckenridge foreclosure process after homeowners are 90 days late in their mortgage payments. They have several months to resolve the issue before the home is actually foreclosed upon.
Very few of the Summit County foreclosures actually are offered to the public for sale; most owners work out a solution with their mortgage company, which prefer that route rather than losing the large amount of money that can result from a public bid, according to Summit County public trustee Bill Wallace.
Of the 56 Summit County real estate properties that actually reached foreclosure in 2009, only 5 were sold to the general public through auctions. They ranged in price from $180,000 to $415,000 and included both Summit County condos and Summit County single-family homes.
Obtaining a Summit County foreclosures is tricky, since Summit County has a low foreclosure rate to begin with. People interested in perusing Summit County properties in foreclosure can visit the county's website at: www.co.summit.co.us and click on “Treasurer and Public Trustee” under “Quick Links” on the right-hand side and look under Breckenridge foreclosure Information.
Breckenridge Foreclosure sales take place at 10 a.m. every Friday at the south front door of the Old County Courthouse at 208 Lincoln Ave., Breckenridge short sale Colorado.
But here's the catch: Lenders have until one second before 10 a.m. to pull any property from the Breckenridge foreclosures auction, and they often exercise that option. So, it's likely you'll show up, and no foreclosure listings Breckenridge will be available for bidding.
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