Investing in bank owned rental homes in Aurora, Colorado is viable because renters comprise one-third of residents in the city.
In addition, prices of residential properties in the area have depreciated sharply because of Aurora bank owned properties, enabling investors to buy more units for their rental operations. Buyers also have the option to fix these rental properties and resell them to other investors.
The entry of homes into bank owned property listings has slowed down in April, as shown in a report released by the Colorado Division of Housing, but the numbers are still good news for investors. Adams County posted 495 foreclosures, down by 28 percent from April last year and down by 17 percent from April 2008.
In Arapahoe County, one of the three counties covered by Aurora as a home rule city in addition to Adams and Douglas, 446 foreclosures were posted, down by 26 percent from April 2009 and down by 23.6 percent from April 2008.
Despite the decline, the number of bank owned rental homes and repossessed houses formerly occupied by owners in Aurora still dominate the market. Also, the foreclosure rate in the Aurora area is still among the highest in Colorado. In Denver, 419 foreclosures were counted, and in Jefferson, 357 foreclosures were posted.
Meanwhile, the number of bank owned properties in Colorado rose slightly in April to a total of 2,147 units from 2,141 units in March. Colorado was still among the top ten states in foreclosure rate, but it improved its ranking from ninth in March to tenth in April.
Housing officials explained that the Aurora area has bucked the statewide trend of increase because the Aurora market has already absorbed much of its distressed properties. They said that foreclosure activity peaked in Aurora in 2007 and that much of the troubled inventory has already been passed to new owners.
Nevertheless, people planning to invest in bank owned rental homes still have units to explore in Aurora and in other parts of Colorado.
Author Resource:-> Original Post: Investing in Bank Owned Rental Homes in Aurora, Colorado on BankOwnedHome.net.
Article From Real Estate Pro Articles