Colorado Ranks #1 in Foreclosure??!!

Well, I'd hate to be the bearer of bad news, but I have to be honest; after all, it is our motto. Colorado was just ranked number 1, nationwide, for foreclosures. If you haven't heard the news, well here it is. One in every 339 homes in the state was in some stage of foreclosure in March, according to RealtyTrac, an online provider of foreclosure listings. The national rate was one in every 1,138 households. The problem: Colorado's poor economy and high interest mortgages...

The most populated counties/cities were hit the hardest, including: Denver, Weld, Larimer, Elbert and El Paso counties. One of 128 homes in Adams County was in foreclosure, nearly nine times the national ratio; in Arapahoe County, it was one of every 161 homes. Unbelievable. That's why I initially started this website, to educate homeowners. Apparently not enough are visiting us....rather getting coerced into "creative" lending. That means baloon mortgages and interest only loans. Too much corruption and MyResidentRealtor.Com is going to start a new trend: education and honesty!!

"People are not getting the best information and the best deal for their families," said Peter Cross, housing administrator with the Arapahoe County Housing Authority. He blamed mortgage brokers, who are unlicensed in Colorado. That's right UNLICENSED!

Rick Sharga, a vice president at RealtyTrac in Irvine, Calif., said foreclosure problems usually come after other woes. If you live here you would know our woes; bad job market and tons of new home construction. HIGH END, that is. That gap is widening.

A 31 percent jump in foreclosures in March over February pushed the state to the dubious No. 1 ranking. Of the 101,597 homes in foreclosure nationally last month, 5,392 of them were in Colorado (5.3 percent of the total), according to RealtyTrac.

Sorry... but its the truth. Let MyResidentRealtor.Com help... Now you have no excuse! Really!

Regards,
Jerome Wiencek