Here's yet another item suggesting that we are going to continue to see fewer and fewer foreclosures on the market here in Colorado.
JPMorgan Chase & Co. on Friday announced a loan modification plan that will help as many as 400,000 customers avoid foreclosure. JPMorgan, which has already modified about $40 billion in loans, will not put any loans into foreclosure as it expands its program over the next 90 days.
JP Morgan follows the lead of Bank of America, which has said that starting December 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. The plan is driven by an $8.4 billion class action settlement.
According to the Rocky Mountain News, there were 4,406 foreclosure filings in the third quarter of 2008 in the Denver Metro area, compared with 5,840 in the third quarter of 2007. That's a 24.5% drop.
The overall inventory of homes on the market in the Denver MLS has fallen over 20% from one year ago.