In 2011, Eagle County posted a huge number of foreclosures which is recorded as the second highest foreclosure figures since the beginning of the foreclosure crisis. Chief Deputy of public trustee, Karla Herridge stated that there were 615 households in this county which were put up for sale in 2011, slightly less than the number in 2010 when there were 618 housing units.
Treasurer of this county, Karen Sheaffer said, “We are handling the second-highest number of foreclosures in Eagle County history and Karla is doing it with about half the staff. ” Herridge commented, “We still have a lot of active foreclosures that have not gone to sale. ”
Nearly 50 to 70 foreclosed properties are scheduled for sale every week by the office of the treasurer and public trustee, but most of the sales get delayed due to the lenders because sometimes the lenders are unwilling to go in for an auction sale and sometimes the necessary paperwork of these mortgage properties is not ready.
According to Herridge, the lenders prefer a slow foreclosure process which may linger for a year. He said, “They're not trying to work anything out, but they're not ready to take anything back. Hardly anything is going to a foreclosure sale. ”
According to Sheaffer, the office of public trustee averages nearly 6 sales every week. In the last week, 54 foreclosed properties were scheduled in the list for sale but ultimately only 5 foreclosures were put up for sale.
All these properties are adding to the shadow inventory which is affecting the prices of real estate here. Herridge said, “That has to be resolved before it can get any better. ” He also said that during Christmas and its festive break, the rate of foreclosure sales moved down slightly but this January it is likely to resume its original pace. “It takes several months into the year before you see if the trend is going to stay the same, ” he said.
Generally on Tuesdays, sales of foreclosed properties are scheduled at 10 o’clock in the morning on the premises of the office of the Treasurer of Eagle County. Last Tuesday, 13 properties were put up for sale whose values ranged from around $20,000 to $1.5 million and above.
Sometimes, it happens that homeowners stay in their mortgaged properties even after they receive default notices. The families stay there until they receive court orders to vacate the home.
Karen Anne, has been working on ForeclosureWarehouse.com studying the foreclosures market, helping buyers on the finer points of foreclosures for sale . Try to visit ForeclosureWarehouse.com and search foreclosed homes .