Bankruptcy Law Professionals of Colorado

According to Consumer Bankruptcy News, nearly 3 million properties in the U.S. received foreclosure papers during 2010. This is a 2 percent increase from 2009 and a 23 percent increase from 2008.”Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity – triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 – which we estimate may be as high as a quarter million – will likely be re-started and add to the numbers in early 2011.”Source: Consumer Bankruptcy News, February 24, 2011Home prices in Denver dropped 2.4 percent last year, according to The Denver Post. This represents the biggest drop in prices since December 2009. This is also reflective of what’s happening throughout the country — residential prices in 20 cities fell 2.4 percent.This is good news for first-time buyers of course, but bad news for any homeowner looking to sell in the near future. As the economy continues to recover and the mortgage industry works out their problems, the housing market will take some time to recover as well.Source: The Denver Post, “Home prices experience biggest drop in a year,” February, 2011