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RSS FeedPrice Effect of Foreclosures |
Apr. 16, 2008
Experts differ on price effect of foreclosures, an article from The Gazette, reports that more than 3,500 foreclosures were filed in the county last year, which broke a 19-year-old record. Some economists say that due to foreclosures in the first two months of 2008 exceeding the annual total for several years in the 1990s, the county is on pace to again surpass the 3,000 mark this year. How these properties are effecting home prices is still up for debate. Bill Hurt, owner of ERA Shields Real Estate in Colorado Springs said, "Most of the sellers, and institutional sellers (lenders), are still attempting to get true value for the property. "They're not ‘firesaling.' And the value is still there." According to some real estate appraisers, many home sellers already have lowered their asking prices because of competition from foreclosed properties being sold at a discount by lenders trying to get them off their books.
http://www.gazette.com/articles/foreclosures_35030___article.html/price_differ --Roger Collins, First National Bank
http://www.gazette.com/articles/foreclosures_35030___article.html/price_differ --Roger Collins, First National Bank
