Foreclosure Crisis a Tidal Wave Across Front Range

USA Today ran an extensive front page story Wednesday 2 April on the depth of the foreclosure crisis sweeping across the Denver and Front Range region which focused on one neighborhood which was quite alarming. It looks like when it is all said and done that this region will have in excess of 60,000 houses and residences go into foreclosure over a 3-5 year period starting in 2006 and it will probably end up being far more. The devastation to neighborhoods, and eventually municipalities is imposing. Looking at the regional map indicates the crisis is widespread throughout the entire Front Range metro area, although the wealthy enclave of Cherry Hills Village and the center of yuppiedom south and east of downtown Denver apparently have seen far less numbers of foreclosures. If it is this bad in Denver, one can only imagine how bad it is in the metro areas being impacted to a much greater extent, like Phoenix, Las Vegas, and metro areas in California, Florida, Ohio, Michigan, and elsewhere. It is very disquieting to see these numbers and very alarming to contemplate future numbers and the ramifications of this crisis. What is additionally frightening is the fact the housing values downturn is just underway in some places and has yet to even commence in such places as Salt Lake City, Albuquerque, and elsewhere. The worst is yet to come, indeed.

http://www.usatoday.com/money/economy/housing/2008-04-01-foreclose_N.htm

http://www.usatoday.com/news/graphics/foreclosure_map/foreclose.htm

http://www.denverpost.com/business/ci_8775576

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