Delightful! An article came out in the Denver Post about the number of foreclosures in Colorado. It turns out that in March Colorado had the highest ratio of foreclosures in the country. One out of every 339 homes in Colorado are in some sort of foreclosure state. And...it gets worse. Adams county, the county that I currently reside in, is the highest of all counties. One out of every 128 homes in Adams county is in foreclosure. The national average is one out of every 1,138 homes.
I completely understand why. We had our house on the market for 6 months last year...no sell. It's on again this year, priced over 3,000 lower than what we paid for it 3 years ago and it still hasn't sold. Every ounce of equity earned will go to closing costs and realtor fees, and we will end up forking thousands out of pocket beyond that. We have our ducks in a row and have planned very well, and it looks like we aren't that far ahead of the foreclosure wagon. It makes me so sad when people want...need...to get out of their house and they are stuck...like we are stuck. I know most people don't have the means or the resourcefulness that we do, and they do end up foreclosing on their homes, ruining their credit (a foreclosure is on your credit for 10 years, and you won't be able to purchase another home for 5), and going dead broke in the process.
This situation has made Troy an I extremely adverse to EVER owning another home again. It is so stressed that home ownership is nothing but good...well...NOT TRUE. I absolutely hate the situation that we are in.