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Foreclosures Hurting Denver Neighborhoods

Posted by: Michael Dudley

16 February 2007 - 9:00am

A new report from a Denver task force on foreclosures reveals that several neighborhoods in the city are suffering from high foreclosure rates.

"Foreclosures in Denver since 2003 will log a fivefold increase by the end of the year, a trend that is tearing apart neighborhoods throughout the city."

"A new city-funded report that tracked the swelling number of foreclosed homes found that once a neighborhood has several foreclosures, it quickly multiplies. That's just the start of the problems, which now are threatening the social and physical fabric of entire neighborhoods."

"Vacant and abandoned houses drive down surrounding property values, hurting schools that depend on property taxes and can attract transients and criminals."

"Neighborhood complaints about yards overgrown with weeds and filled with trash correlate exactly with areas plagued by foreclosures."

"And nowhere is the impact of foreclosures more evident than in northeast Denver."

Full Story: Foreclosures rip neighborhoods
Source: The Rocky Mountain News, February 15, 2007
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