Here is my prediction on foreclosures in the State of Colorado. You will hear that foreclosures were down the first quarter of 2008. People will be excited. Then come about May and June you will start hearing that Colorado has the highest increase in percentage of foreclosures.
The reason for the prediction and the reason for the increase in foreclosures in the State of Colorado. The State of Colorado change the way foreclosures happen effective on January 1, 2008. This new law was to help homeowners so that they could stay out of foreclosure.
The issue is that homeowners still do not understand the foreclosure process, and many will still lose their homes. Mostly because they are embarassed, or scared of the situation. Some homeowners are in the situation that they owe more than they can refinance or more than they can still afford.
I hope I am wrong, but only time will tell.
