Colorado Springs is a City in El Paso County, Colorado State. It is 61 miles south of the capital of Colorado – Denver. Colorado Springs sits on the base of the Pikes Peak – eastern part of the southern Rocky Mountain ranges. In 2006 Money magazine selected Colorado Springs to be the best city in “Best Places to Live.”
Despite the fact that 81% of the population is White, the increasing numbers of foreclosures for sale. Another reason for spike in Colorado Springs foreclosures for sale is because of the difficulty in finding jobs outside the defense sector. There are sophisticated jobs in the insurance and finance industries but that caters to a limited few. The only way the problem of Colorado Springs foreclosures for sale can be tackled will be if the future promised growth in the defense category becomes real. Defense contractors will require workers and create jobs. This growth will make up for the loss of jobs in information technology sections. Even the mood of the sophisticated electronic machinery production is dull. Thus the general economic climate in the city is fuelling the numbers of Colorado Springs foreclosures for sale and not helping to contain it.
The spike in Colorado Springs foreclosures for sale is part of the foreclosure drama being played out in Colorado and the rest of America. Colorado is one of the worst affected areas. The number of Colorado Springs foreclosures for sale can be explained by the fact that during the late 80’s Colorado Springs came to be known as the foreclosure capital of the globe. Under the present assault Colorado is undergoing a mixed reaction. Experts are in two minds – some say that the foreclosure crisis has caused a downturn in the local real estate market, but others are not willing to agree. From County records there were 3,500 foreclosures in Colorado Springs. This broke the record of 1988. It seems obvious that there will be negative consequences.