Metro Denver Task Force Discusses Foreclosures

Posted at 10:45 AM, Jan. 26, 2007

On Thursday, January 25th the Denver Metro Task Force on Foreclosures met.  This was the first of 6 planned meetings to discuss potential remedies and to see what role cities could play in helping stop and reverse a foreclosure crisis that some neighborhoods are seeing.

According to Tom Clark, a vice president of Metro Denver Economic Development Corporation, lenders saw potential in Denver and other areas throughout the West with fast growth and rising housing prices.  With that came high risk loans to high risk buyers with housing prices seeing little to no rise.  These forces put Denver and Colorado into the number one spot of foreclosures.

How can Colorado move out of this status?  Job growth!  In 2006 all the jobs lost in 2002 and 2003 were finally replaced. 

For more information and the effects of foreclosures within neighborhoods and the schools visit the Denver Post online.