Homeownership Dropped Due to Denver Bank Foreclosures

by cassy82 | September 30, 2009 at 10:44 am

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Census data showed that homeownership in Colorado dropped despite the increase in incomes. Industry experts said that the increase in the number of Denver bank foreclosures contributed to the decline in homeownership.

The increase in the number of Denver bank foreclosures is partly to be blamed for the drop in homeownership in Colorado. Census data showed that incomes in the state have risen steadily from 2000 to 2008. But despite the increase, homeownership in the state dropped significantly.

Data from the Census Bureau showed the condition in Colorado and its biggest counties and cities as they start to feel the impact of the recession in 2008.

According to the census report, six of the eleven biggest counties and nine of the thirteen biggest cities in Colorado saw homeownership declines. The biggest homeownership drop was reported in the county of Douglas, including Thornton and Highlands Ranch.

By Cassiano Travareli