Foreclosures: Red Light / Green Light – How it Hurts Steamboat Real Estate Values
It’s all in the news: Major banks halting foreclosures. The real estate values in Steamboat Springs are being effected by foreclosures. Without a doubt, values are dropping when bank owned properties come back on the market at 10-40% off market prices of comparable properties. And this trend in Steamboat is setting the values from neighborhood to neighborhood. If you own real estate in Steamboat Springs, or Hayden, Oak Creek, Silver Spur, or anywhere in Routt county, your property is worth less today than it was a month ago. And until we see a dramatic slowing in foreclosed properties, our values and prices will continue to drop or remain flat at best.
But what’s behind the halting of foreclosures? Click here to read a prime example of a foreclosure example.
And it just continues: banks saw a rough day as this unfolds. See how Bank of America and Wells Fargo are all effected.
Understandably, thing are going wrong with this system and something needs to change. But this also prolongs our recovery.