The latest figures show that foreclosure homes in the urban neighborhoods of Denver are at 2-year low. According to the Division of Housing, Colorado’s 12 most populous counties report another drop in initial foreclosure filings, as well as final foreclosure sales -- for the sixth month in a row. May 2011 foreclosure filings were down 24% compared to May 2010, and Foreclosure sales also dropped nearly 20% compared to May 2010, according to the DOH report.

"Foreclosure sales at auction are now at a 26-month low, and foreclosure filings have been near 30-month lows for the past three months, although foreclosure totals remain at historic highs," division spokesman Ryan McMaken said in a release.

Read the Denver Biz Journal article here »

So, this news really confirms what we've already known for a while - our inventory of foreclosed homes is continuing to get smaller. Of course, these numbers do not take into account the "shadow inventory" that's out there. Some estimate that we have another 3 years worth of foreclosures on deck. Indeed, foreclosure homes will be around for a while -- but they are selling.

Right now is the best time to buy a foreclosure in Wash Park. The window is closing, though. High demand, sparked by crazy low interest rates, and thinning inventory means foreclosure prices will increase. Don't miss out on this unprecedented opportunity to save a bundle on a bank-owned home around Wash Park!