Denver #4 Where Homes are Selling Fastest

The median age of inventory of for-sale homes has dropped nearly 12% compared to year-ago levels, according to October housing data from Realtor.com.

With inventories shrinking nationwide and hovering at historic lows, homes are selling faster in many parts of the country. 

“Lower inventories, combined with somewhat higher median list prices, suggest that the housing market ending the 2012 home-buying season is in better shape than it was a year ago,” according to a Realtor.com release. 

In Oakland, Calif., the median age of inventory is the lowest in the country at 21 days, a 57% decrease over year ago levels. 

The following are the top 8 markets with the lowest median age of inventories in the country:

1. Oakland, Calif.: 21 days
2. Stockton-Lodi, Calif.: 26 days
3. Sacramento, Calif.: 32 days
4. Denver, Colorado.: 40 days
5. San Francisco: 44 days
6. Fresno, Calif.: 44 days
7. Phoenix-Mesa, Ariz.: 47 days
8. San Jose, Calif.: 47 days

Foreclosures are Down in Colorado

New foreclosure filings in Colorado are falling this year at a pace that could make for the lowest totals since 2006, the state Division of Housing reported Thursday.

Third-quarter new filings declined 11.8 percent compared to the same period last year. For the first nine months of the year, filings are down 2.2 percent to 22,920.

Satewide foreclosure filings peaked at 46,394 in 2009. The totals have dropped every year since.

The decline suggests continued recovery in the Colorado real estate market with home sales and prices rising.

Foreclosure auction sales — a lagging indicator that represents the completion of foreclosures filed months earlier — were down 10.6 percent in the third quarter and down 23.6 percent year to date.

"Completed foreclosures continue to head down at a steady pace," said Ryan McMaken, economist for the Colorado Division of Housing. "As home sales and home prices, rise, it's getting a little easier to avoid that final foreclosure sale through a short sale or even a conventional sale."

Change clocks and Maintenance Time this weekend!

Denver House Guy:  Maintenance TIME!

As Winter is approaching, don't forget to do these essential things to get prepared: 1. We GAIN an hour this Saturday night! What are you going to do with your extra hour? Be sure to use it! 2. Replace your furnace filter. You don't want to be breathing old dust and other stuff throughout the Winter. 3. Replace the batteries in your smoke detectors and carbon monoxide detectors, to make sure they are actively working & safe.  4. Consider having a fire extinguisher available in your kitchen. That's it! Have a great weekend and enjoy the EXTRA HOUR! Jonathan Ghaly