Colorado real estate retained the No. 1 spot even though the rate of foreclosures dropped by 31 percent from March, when 5,392 homes were in foreclosure. There is a disaster driving the high rate of foreclosures, said Mary Wenke, public trustee of Arapahoe County. In April, Wenke's office opened 436 foreclosures, compared with 288 in April 2005. Wenke insisted adjustable rate mortgages, whose interest rates are starting to rise, will mean even more foreclosures in coming months. The factors driving the numbers include a record excess of unsold homes in the market, homeowners' huge credit card debts, pre-payment penalties, mortgage fraud, and bankruptcies.

Wenke asserts that foreclosures are just stages in a vicious cycle and affected by unemployment. She adds that the foreclosure rates negate the government claims of a stronger economy. The head of Colorado Real Estate Center, Byron Koste affirms the statement by Wenke. Koste says that the rising foreclosure rates should serve as a red flag for the economists that are claiming economic strength. Koste adds that foreclosures are more frequent among entry-level housing market. Events like these usually throw real estate businesses off because consumers are more hesitant to buy houses.

However, Cherrywood Properties' Ben Fielder claims that it is unfair to categorize the whole of Colorado real estate as foreclosure haven. He asserts that the foreclosures are primarily concentrated on the northeastern side of Aurora and Adams County. He even claims that real estate is on a steady rise and that people are more excited than ever to buy their own Colorado home. The only problem he sees is that there are over-enthusiastic buyers who get loans and

Colorado real estate retained the No. 1 spot even though the rate of foreclosures dropped by 31 percent from March, when 5,392 homes were in foreclosure. There is a disaster driving the high rate of foreclosures, said Mary Wenke, public trustee of Arapahoe County. In April, Wenke's office opened 436 foreclosures, compared with 288 in April 2005. Wenke insisted adjustable rate mortgages, whose interest rates are starting to rise, will mean even more foreclosures in coming months. The factors driving the numbers include a record excess of unsold homes in the market, homeowners' huge credit card debts, pre-payment penalties, mortgage fraud, and bankruptcies.

Wenke asserts that foreclosures are just stages in a vicious cycle and affected by unemployment. She adds that the foreclosure rates negate the government claims of a stronger economy. The head of Colorado Real Estate Center, Byron Koste affirms the statement by Wenke. Koste says that the rising foreclosure rates should serve as a red flag for the economists that are claiming economic strength. Koste adds that foreclosures are more frequent among entry-level housing market. Events like these usually throw real estate businesses off because consumers are more hesitant to buy houses.

However, Cherrywood Properties' Ben Fielder claims that it is unfair to categorize the whole of Colorado real estate as foreclosure haven. He asserts that the foreclosures are primarily concentrated on the northeastern side of Aurora and Adams County. He even claims that real estate is on a steady rise and that people are more excited than ever to buy their own Colorado home. The only problem he sees is that there are over-enthusiastic buyers who get loans and

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