Denver Foreclosure
How about buying my first home in a sub-division of Denver where the prices are very low due to foreclosure?
Until now, the price of house has been out of my reach in the Denver area. Now with the housing downturn, it looks like I am able to afford a decent house..
My question is.. Is it bad to buy a decent, relatively new, house in a sub-division of the city where the foreclosure is the highest in the states? There are a lot of great deals in this particular neighborhood , but the fact that people are losing their homes in the area is kind of concerning me.. What do you think?
I’m referring to the Green Valley Ranch, Denver area for anyone who is familiar with it..
I thought you were talking about GVR before I even got to the end of your question! I would say that you will want to think about this long and hard. GVR has been one of the worst hit areas in the state and the major concern should be whether or not it’s evened out. The thing I would be worried about is every time a foreclosed home sells or you have a short sale go through it lowers the value of the homes around it.
Now lets say you do buy there and in 3 years you have to move. If the foreclosures and short sales have not slowed down or stopped you may very well find yourself in a situation of owing more than what your home is worth. I would look around at some other areas.
Good luck
Denver Foreclosures Down 30%
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