Denver: Foreclosures up 32 percent in first quarter

http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_4747530,00.html

Home foreclosures in the Denver area rose by almost 32 percent in the first quarter from a year earlier, with each of the seven metro counties showing an increase, according to an analysis by the Genesis Group.

But the percentage of homes going into foreclosure still is a fraction of those in a previous foreclosure crisis in 1988, according to the analysis.

"We've been worried for a long time that we're getting close to this record high, but we never looked back to the '80s to see how our foreclosure rate is comparing to today," said Mike Rinner of the Genesis Group, which tracks housing along the Front Range.

"How many foreclosures we have now doesn't really matter, because we have added so many more people," he added.

Last year there were 14,367 foreclosures, topped only by 17,122 foreclosures in 1988.

In 2005, 2 percent of all homes in the metro area ended up in foreclosure, the highest rate in 15 years. Some 2.4 percent went into foreclosure in 1990, according to the number-crunching by Genesis.

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I believe that.
Not.

In 1988, you couldn't buy a job in Denver.

Seeing as how this is only the beginning for the foreclosure news.

"In the beginning, there were a few foreclosures...."

In 1988 people were actually leaving CO so it was bad then and it was due to the collapse of energy prices. By 1988 the layoffs from the energy sector were complete.

Now, the Wal-Mart economy doesn't give people enough money to pay their bills. Yet, our government is spending like crazy. You would think that this deficit spending would help Americans. Instead, the rich are living off of these loans from China and future generations will be forced to pay for their excesses. Worse, these deficits are not investments in our nation's future.

Americans have a duty to end this quickly either at the ballot box or in the streets.