Colorado Springs-area foreclosures plunge to 22-year low in 2019

A strong economy and a bustling housing market helped push Colorado Springs-area foreclosures to a 22-year low in 2019. The Colorado Springs Gazette explains the dramatic turnaround:

 

“A strong economy and a bustling housing market helped push Colorado Springs-area foreclosures to a 22-year low in 2019.

It was a dramatic turnaround from a decade ago, when a record number of local homeowners and businesses were hit with foreclosure notices; thousands lost their properties when they couldn’t resolve their financial troubles.

“It’s amazing,” El Paso County Treasurer and Public Trustee Mark Lowderman said of the drop in foreclosure activity.

In the mid-2000s, many buyers used adjustable-rate and interest-only mortgages to purchase homes they couldn’t afford, which increased their chance of foreclosure when their loan payments spiked or if they fell into financial trouble. Today, stricter lending requirements have reduced that risk.”

Read more at The Colorado Springs Gazette.