Local real estate investors battling with new Goliaths
Local investors are now competing against institutional money at the El Paso County Public Trustee’s foreclosure sales. Two out-of-state investors have been bidding on foreclosures at the local sales. Colony American Homes, an Arizona-based unit of Colony Capital LLC, headquartered in Santa Monica, Calif., buys homes and rents them out while they appreciate. Granite Ranch [...]
Statewide foreclosure sales in 2012 dropped 18.9 percent from the 2011 total. There were 15,903 completed foreclosures in 2012, according to the Colorado Division of Housing. There were 19,617 in 2011. New foreclosure filings also fell 10.6 percent from 31,975 in 2011 to 28,579 in 2012. “Foreclosures in 2012 basically dropped back down to 2006 [...]
Continue reading …The El Paso County Public Trustee’s Office finished the year with the fewest foreclosure starts since 2006 and the most deed releases – which occur when someone pays off their home over time, through refinancing or a private sale – since 2007. Mowle’s staff started 230 foreclosures in December. “While this is 18 more than [...]
Continue reading …Colorado has completed arrangements to distribute all the $51.17 million it received under the multistate settlement with the country’s five largest banks, said Attorney General John Suthers. The settlement fund was used statewide for homeowner relief and foreclosure-prevention programs. In the last two weeks, the state has finished distributing most of the money. “Seven months [...]
Continue reading …As real estate investment heats up and the El Paso County Public Trustee’s foreclosure auctions overflow with anxious bidders, ethics have become a bigger issue. Those closest to the action say there are regular stories of investors breaking into houses to check them out before the sale, trashing houses after lien holders redeem them, banks [...]
Continue reading …Investors bought two of the 36properties that sold at the El Paso County Public Trustee’s foreclosure auction Wednesday, Aug. 1. The rest of the properties were returned to the lenders. The Equity Trust Company custodian FBO for Thomas H. Beeson IRA paid $70,500 for a 1,027-square-foot ranch home built in 1958 at 2561 Caramillo St. [...]
Continue reading …The foreclosure rate in Colorado Springs dropped year-over-year in March from 1.71 percent in 2011 to 1.39 percent of all outstanding mortgages this year, according to a CoreLogic report. CoreLogic, a real estate analytics firm, releases monthly data about foreclosures. The foreclosure rate in Colorado Springs was significantly lower than the national rate of 3.41 [...]
Continue reading …The Colorado Attorney General office requested documents today filed by seven law firms in four Colorado counties, including El Paso County, that have been representing banks in foreclosure proceedings. “I have no idea what they’re looking for,” El Paso County Public Trustee Thomas Mowle said. The firms included the Vaden; Dale & Decker; Castle, Stawiarski; Hopp; [...]
Continue reading …In one of the highest-dollar foreclosure sales, the Powers Office Park at 9438 Grand Cordera Parkway sold back to the lender at the El Paso County Public Trustee’s foreclosure auction Wednesday. The office complex near the intersection of Powers Boulevard and Briargate Parkway sold back to the lender, Real Bank USA, for $14.9 million, which [...]
Continue reading …It’s Wednesday morning and the El Paso County Public trustee’s office is jam-packed with would-be investors looking for a deal at the weekly foreclosure auction.
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