Denver Direct: Merry Christmas

Denver foreclosure filings are up, foreclosure sales are down

The data from here:
– Comparing year-over-year from 2009 to 2010, foreclosure filings in November increased 4.8 percent with totals rising from 2,802 to 2,932.
– November 2010 foreclosure sales (completed foreclosures) were down compared to November 2009 with a decrease of 21 percent from 1,512 to 1,195.

Although some reports put a positive spin on this data (see FORECLOSURES CONTINUE TO FALL), an associate of mine who actually attends the foreclosure auctions tells a different story (to date he has bought 25 houses at auction). Very few buyers are showing up to buy the houses offered at auction. At the last auction, he was one of two buyers. He bought one house for the asking price of $25,000. Another sold for $1 over the asking price. A two-bedroom house with an asking price of $15,000 went unsold with no bids.