Foreclosures

In the beginning years of this millennium, there were very few foreclosures filed in the Roaring Fork Valley. Garfield and Eagle Counties rarely saw more than 100 NED's (Notice of Election and Demand - foreclosure document) filed in one year. In the past couple of years, these numbers have risen dramatically. Last year there were about 400 NED's filed in Garfield County, and this year we are at a run rate for 500. The affluent Pitkin County rarely saw a year with over 10 NED's filed. Last year the number was thrty-seven and this year there were 76 filed by mid year. This is not to say that there are anywhere near that many sales on the courthouse steps. At mid year there were only about four courthouse step sales in Pitkin County. The primary reason most foreclosures don't make the courthouse steps is because most initiated foreclosures are resolved between the lender and the borrower or sold at a fire sale price before they make it to the courthouse steps. This is why astute buyers check the foreclosure lists for propeties that match their search parameters when they are looking for properties in the area. Your Roaring Fork Realty broker can work with you to see if there is a good match while assisting you with your search.