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Foreclosures swamp staff
Rocky Mountain News ^ | Feb 22, 2007 | Daniel J. Chacon

Posted on 02/23/2007 9:02:05 AM PST by RobRoy

Hundreds of foreclosures in Denver are on hold because of a massive backlog in the Clerk and Recorder's Office, putting lenders in a "precarious position" and forcing the city to hire more help.

On Wednesday, 661 foreclosure packets, which are supposed to be recorded within 10 days, were more than two weeks past due, according to an internal report obtained by the Rocky Mountain News.

The problem is so bad that employees are working weekends to catch up and fielding urgent pleas from law firms handling foreclosures.

"I'm desperate!" starts off one e-mail to the clerk and recorder. "I have a (Department of Housing and Urban Development) title package that has to be sent out tomorrow."

Interim Clerk and Recorder Stephanie O'Malley said she inherited the problem when she was appointed to the post Jan. 9 by Mayor John Hickenlooper.

"The only thing I could do was say, 'I need to get more people in here to help move this process along,' and that is what I've done," she said.

The city's Career Service Authority is in the process of hiring the three on-call employees that she has requested, she said.

O'Malley, who is running for the seat in May, said there are two factors contributing to the backlog.

First, foreclosures in Denver have tripled since 2002.

(Excerpt) Read more at rockymountainnews.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: democrats; foreclosure; housingbubble; realestatebubble; tax; taxes
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This is just Colorado. It is one place others are better of course, but it gives a feeling for some of the infrastructure and other costs/problems that can come with a record breaking real estate bust.
1 posted on 02/23/2007 9:02:06 AM PST by RobRoy
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To: Hydroshock; GodGunsGuts; ex-Texan

PING


2 posted on 02/23/2007 9:02:51 AM PST by RobRoy
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To: RobRoy
...with a record breaking real estate bust.

I'd be curious to what the stats are for Texas.

Looking around the Houston area, things haven't slowed down one iota.

3 posted on 02/23/2007 9:05:13 AM PST by TexasCajun
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To: RobRoy

What doesn't help is the high cost of property taxes. This is a state and city where liberals have raised property taxes to a point where people have difficulty. Of course, no interest loans, and BC lenders who give ANYBODY a loan help to cause this mess. Great opportunity for investors!


4 posted on 02/23/2007 9:06:49 AM PST by albie
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To: TexasCajun

Two areas that many said would be the least hit would be Texas and Seattle.

I live in the Seattle area. It started slowing down a few months ago, but prices continued to climb, but only slightly. Those areas probably will not face real statistical decline until this summer.

My comment about record breaking real estate bust was about the immediate area to which the article refers. Colorado has been on the bleeding edge of this thing since I started paying attention.


5 posted on 02/23/2007 9:10:24 AM PST by RobRoy
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To: TexasCajun

I have been looking at har.com and have seen an increasein foreclosures listed for sale. Nothing earth shacking yet, but there are more out there.


6 posted on 02/23/2007 9:13:53 AM PST by Hydroshock (Duncan Hunter For President, checkout gohunter08.com.)
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To: RobRoy
No lender wants to go that far. If they do have to foreclose, its an extremity measure since they've tried everything else to salvage the situation and found it wanting.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

7 posted on 02/23/2007 9:20:37 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: RobRoy

It sounds like people are hurting for money in Denver. Why doesn't the Clerk and Recorder's Office hire a few, sounds like they need them.


8 posted on 02/23/2007 9:21:26 AM PST by thackney (life is fragile, handle with prayer)
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To: RobRoy
At home I am forced to watch these real-estate shows on cable and am just amazed at the vast differences in home prices around the country.

In Texas you get a lot for your money.

9 posted on 02/23/2007 9:24:01 AM PST by TexasCajun
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To: RobRoy
This is a classic Denver foul-up. Denver is consistently the worst local government entity in Colorado. Luckily, Denver only serves about 550,000 of the 2.2 million people in the greater Denver metro area.

This is good news for investors and buyers interested in the Denver market. Some good deals are being made, and I'm getting a lot of interest in my properties for sale at this time. Price in the west metro area are holding up better than I expected.

I don't work or invest much in Denver proper, but in the western suburbs, and the mountains. The mountain areas are on fire and appreciating well.
10 posted on 02/23/2007 9:24:25 AM PST by SaxxonWoods (Boycott all Leftist Media, ignore them and they will go away...)
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To: RobRoy; XeniaSt; jan in Colorado

wait until the DUmmies raise the tax rates even higher...

the unfunded governmental mandates also force many businesses to close and / or lay off staff...

not a good economic envirnoment to start nor expand a business.


11 posted on 02/23/2007 9:25:31 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: SaxxonWoods
I live in southwest Colorado in a condo with a million dollar view that's sure to appreciate...

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

12 posted on 02/23/2007 9:26:01 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: TexasCajun
In Texas, 14,728 new foreclosure filings were reported over the course of January -- the highest number of new foreclosures posted by any state in the United States, according to RealtyTrac.

To date, Texas is averaging one foreclosure for every 547 households -- making it the state with the sixth-highest foreclosure rate.

http://austin.bizjournals.com/austin/stories/2007/02/12/daily22.html

13 posted on 02/23/2007 9:26:30 AM PST by ContemptofCourt
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To: TexasCajun

"At home I am forced to watch these real-estate shows on cable and am just amazed at the vast differences in home prices around the country."

Texas is playing catchup with most of the rest of the country, prices are appreciating in most areas of Texas. My commercial sites in Texas are finally moving, they were pretty dead for a couple of years.

Also, the gas drillers are coming out of the woodwork and leasing everything in sight. I'm loving that, they help pay the taxes on my vacant land. Hopefully they will drill come of it soon.


14 posted on 02/23/2007 9:27:24 AM PST by SaxxonWoods (Boycott all Leftist Media, ignore them and they will go away...)
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To: RobRoy

Good. Anything to give borrowers more time and stave off foreclosure is good. The process is way too fast in most states as it is.


15 posted on 02/23/2007 9:28:05 AM PST by montag813
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To: thackney

the mayor and the city council are all democrats.

they spent tons of money on snow removal this winter...with another storm on the way.



16 posted on 02/23/2007 9:28:25 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: TexasCajun
At home I am forced to watch these real-estate shows on cable and am just amazed at the vast differences in home prices around the country.

Heheh...your wife too, eh? I can't escape from them here.

17 posted on 02/23/2007 9:29:44 AM PST by montag813
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To: albie

Colorado ranks 23rd in the nation in property tax expense.

In overall taxation, Colorado ranks as the 9th best state in the nation.


18 posted on 02/23/2007 9:30:19 AM PST by SaxxonWoods (Boycott all Leftist Media, ignore them and they will go away...)
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To: ContemptofCourt

Thanks for the info.


19 posted on 02/23/2007 9:31:32 AM PST by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
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To: montag813
Its not that fast. Most foreclosure notices don't make it THAT far. A borrower has to be in extremis for the lender to pull the trigger. I'm betting most of those situations involved ARMs where the payment took a sudden jump and there was little or equity in the home left to refinance and get the payments lowered. If you don't have fixed, well to borrow a pun here, you're looking to find yourself in a fix.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

20 posted on 02/23/2007 9:32:27 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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