The crush of foreclosure filings in mountain communities continued through 2010, eclipsing not just the records from the previous year but the fallout from the formidable crash of the mid-1980s.While 2009 foreclosures elevated as struggling owners of second homes jettisoned deflated properties and timeshares, foreclosures in local worker bedroom communities fueled new records in 2010. Towns such as Gypsum, Eagle, Glenwood Springs, Carbondale and Rifle — all of which relished a robust real estate boom in the "roaring aughts" — last year endured soaring foreclosures as the dominant construction industry withered and real estate prices plummeted."When the economy and construction slowed down starting in 2008, many of the residents lost jobs, had little or no other income, and could no longer afford their mortgage payments," said Gypsum-area broker Laurie Slaughter, who has seen home values in some parts of Eagle County drop as much as 50 percent in the last year. "Because they also were upside down on their home values, . . . they had no choice but to short sale their home or walk away."
By Jason Blevins, Jan 15, 2011 Denver Post

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