Ouray Foreclosures

Foreclosures up to 40

Written by: Christopher Pike 17.JUL.09
Posted by: Erin Eddy - www.ourayland.com

There are 40 properties in some stage of foreclosure so far in 2009, according to Jeannine Casolari, Ouray County public trustee.

In a report to the Board of County Commissioners, Casolari said on Monday that her office has been receiving from three to five new foreclosure notices each week.

"And there are several sales and several now continuing. There are four scheduled this week on Wednesday, but three may be continued. One will go through."

Casolari said that in a previous year there might be six foreclosure notices; in May alone there were seven foreclosures and six in June. She added that ten foreclosures have been carried over from 2008.

Despite this, actual sales are not commensurate with the number of filings.

"There have been no bids because everyone's bottom fishing and no bank will accept below the mortgage value," Casolari stressed to the commissioners. She said that a foreclosure is "not a fire sale."

"Once they get it on their books then that is when a fire sale takes place. I'm concerned because we've only seen the tip of the iceberg. I think people need to be look at at what might be poised to happen to property values."

Casolari added that nothing has sold yet because the owners haven't taken the lower value or the value of outstanding mortgage valance. This is telling us to be very aware of what is happening. Perception is not accurate. Foreclosures are not reflecting the true value of properties. "I'm very worried," Casolari said.