Denver’s Foreclosure Situation Better Than Portrayed
Posted by TheHomeCart.com on Saturday, March 14th, 2009 at 2:18pm.The Federal Reserve Bank of Kansas City released a study on March 4, 2009 that indicates the foreclosure situation in Denver is not as bleak as it is often portrayed, reports the Denver Business Journal.
Findings in the Federal Reserve’s study show:
- Although up to 46 percent of the adjustable-rate mortgage loans in the Denver area have yet to reset, the recent decline in short-term interest rates should make readjusted rates less painful for those borrowers. For example, the London Interbank Offered Rate [LIBOR] has declined to below 3 percent, which means a reset of around 8.8 percent.
- More than 60 percent of Denver-area subprime loans are current.
- Although more than 78 percent of Denver-area subprime loans have adjustable rates (compared to 65 percent nationally), Denver generally had a slightly lower-than-average interest rate. For example, the average initial rates for Denver area loans was 7.3 percent, compared to 8 percent nationwide.
Our select team here with TheHomeCart.com and Cherry Creek Professionals Realty is committed to meeting all of your Colorado real estate needs. We use the latest technology and utmost degree of customer service to enhance your real estate buying and selling experience. Our team services the Denver Metro area helping buyers and sellers with homes, townhomes, condos, lofts, and investment properties. We specialize in offering relocation assistance for local, national and international buyers of homes and properties here in colorful Colorado. For more information about buying or selling your Denver area home, please contact us here at TheHomeCart.com.
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