| Loveland Area Developments Contribute To High Foreclosure Rates in Larimer County |
| In December 2006 the Denver Post ran a series on Colorado leading the country in foreclosures while also reporting on specific cases in Northern Colorado. LovelandPolitics.com also reported on specific properties in Loveland and certain developments where new homes plunged in value by as much as 30% in only four years. The Loveland Reporter-Herald also ran a story titled “Future of Real Estate Appears Bright.� The December 2, 2006 story reported on a panel of “experts� that included local developer and State House Representative Don Marostica. In fact, Boise Village, a Marostica development, appears to be one of three areas of Loveland with the highest number of foreclosures in Loveland. Instead of concentrating on the national news drawn to Larimer County due to the unusually high number of foreclosures, Marostica was quoted as saying, “I believe (the future) is just tremendous, people want to live here, and tourists come here and stay.� Later, the Reporter-Herald ran a short series of articles regarding the now undeniable fact that real estate has been declining in value but attempted to blame the problem on how the statistics are gathered. In addition, the article attempted to blame primarily consumers for the problem while ignoring the well recognized role of unscrupulous mortgage brokers and builders in the equation. LovelandPolitics.com has investigated the claim and discovered other news organizations have already reported on any potential discrepancies in the statistics. See the full story by clicking here. A better measure of foreclosures in Larimer County come from the County Trustee. The Trustee is responsible for handling all foreclosures in the county. The statistics gathered by Larimer County Public Trustee Angela Dazlich, demonstrate an undeniablly sharp increase in foreclosures in recent years unprecedented in the county’s history. The Reporter-Herald did print a map showing the areas of Loveland with the highest number of foreclosures. The map indicated (but didn’t name) three areas where the highest number of properties have become delinquent on their mortgages and therefore entered foreclosure proceedings. Buckhorn Village, built by Aspen Homes and marketed by award winning local real estate agent Kevin Cook, indicated a high rate of foreclosures. Boise Village, subdivided and rezoned for development by Don Marostica also received the dubious darker shade and lastly the Greenbriar development built by KB Homes, a California based developer was the third development responsible for the highest number of foreclosures in the Loveland area. |
