Rising Residential and Commercial Foreclosures

August 15, 2009 by New Home Connection

The recent reports for the real estate market in the United States suggest that the foreclosed properties shall continue to rise and dominate the real estate market. The reports show that there have been about 3,700 foreclosure filings since June 08 to May 09, which averages to about 10 foreclosures a day. Some regions in the country have been hit hard with more that 52,000 foreclosure filings and is expected touch the 100,000 mark by the year end.

Effect of the rising foreclosure

Though the rising rate of foreclosure is bad news for sellers, good news is that homebuyers can now buy a foreclosure home for rock-bottom price. It’s a good time for real estate investors and the first-time homebuyers to buy properties much below the market value. This is one of the reasons that more and more people are investing in Colorado Springs real estate. There has been a sharp rise in the number of people looking for homes for sale in Colorado Springs. The Colorado Springs new homes are also on the top of the popularity chart.

There has also been a steady rise in the commercial foreclosures with a 12% jump in the first seven months of 2009 as compared to 2008. In some regions the number had tripled compared to last year.

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