Home Ownership in Denver Increases. According to a study cited by this article, as of 2004, 71 percent of metro Denver households owned their own homes, compared with 66 percent in 1995 while the annual average metro Denver mortgage dollar volume rose to $10.6 billion from $4.2 billion, a whopping 155 percent, between 1992-94, the first period studied, and 1999-2002, the last period studied.
Interestingly, this mostly "good news" article ignores the white elephant of risky mortgage products coupled with risky borrowers. Given the large percentage increase in subprime lending in Colorado, it comes as no surprise that Colorado also has one of the highest rates of foreclosure in the country.
Foreclosures can be a good opportunity for the seasoned investor, if you're willing to deal with some of the uncertainties of buying a foreclosed property. Demand for real estate in this region is expected to continue to grow, one of the reasons builders have constructed so many new communities. Our region is expected to continue to attract talent and capital for economic and population growth based on favorable demographics, low tax rates, and incredible quality of living.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
