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 ...
PING
I'd be curious to what the stats are for Texas.
Looking around the Houston area, things haven't slowed down one iota.
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!
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.
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.
"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
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.
In Texas you get a lot for your money.
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.
"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
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
"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.
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.
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.
Heheh...your wife too, eh? I can't escape from them here.
Colorado ranks 23rd in the nation in property tax expense.
In overall taxation, Colorado ranks as the 9th best state in the nation.
Thanks for the info.
"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
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