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Real Estate News

Updates from the San Juans

Well, it came across the wires this week that our local Montrose airport is getting a makeover! Construction has already begun on an 11,000 foot expansion of the Montrose Airport terminals. The goal of the efforts are to decrease late flight departures by offering more space to process boarding passengers by TSA. The airport currently processes 200,000 people per year in the current facility, and while the expansion will help, it’s only the first step in making our neck of the woods even more accessible and a better option for local residents to explore the world.

Across the country, there are no signs of the foreclosure crisis slowing. Foreclosures hit a new high during the third quarter of the year with over 372,000 foreclosures auctions scheduled nationwide during that time. An additional 288,000 properties were repossessed by lenders during that same time period. Foreclosure filings are up to just under 1 million homes for the quarter (930,000+). One in 139 American homeowners received a foreclosure notice during that time.

What does this mean for you? It means it’s still a buyer’s market and there are deals to be had. Many of these homes will go to short sale as lenders are anxious to avoid the foreclosure expense and additional inventory added to their already full lists. Talk to your Realtor and see what options are available for you as both a buyer and a homeowner. Lenders want to see you stay in your home and lenders are also anxious to find buyers for their distressed properties. A good Realtor┬ácan help you navigate the waters, no matter what side of the fence you’re on!

When you’re out and about in the beautiful fall weather, check out the local events calendar. Lots of great events coming up (especially with Halloween around the corner!) and we’d love to see you around town! Have a great weekend and we’ll see you next week!

The Staff at San Juan Realty, Inc.

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