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The current issue of Time magazine takes on the nation’s foreclosure crunch by using the Denver housing market as an example of the havoc reaped by subprime loans and adjustable rate mortgages. About 25,000 homeowners will receive a first foreclosure notice this year in metro Denver, the magazine notes, one of the highest rates in the nation. While homes in high-demand neighborhoods like the urban-hip Highlands or Wash Park have dramatically increased in price and see few foreclosures, the opposite is true in older suburban areas and new subdivisions on the periphery where developers are dumping housing stock like softening fruit. The article goes on to explain how the foreclosure wave is having a rippling effect on Wall Street and homeowners who would never touch a zero-down loan with a ten-foot garden hose. To hear about how these colliding forces hit hardest on inner-ring suburbs like Thornton, Northglenn and Montbello check out Westword’s “Change of Plans.” – Jared Jacang Maher
Keep Westword Free... Since we started Westword, it has been defined as the free, independent voice of Denver, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Denver with no paywalls.
