Cheap Foreclosed Homes May Get New Owners Soon

Cheap foreclosed homes in Fort Carson, Colorado may soon have new owners

. In 2005, the U.S. Army announced that members of the 4th Infantry Division would be relocated from Fort Hood in Texas to Fort Carson. This would mean about 6,500 additional soldiers in the region.

Since then, developments have been experienced in the area fueled by the construction of a retail corridor in Mesa Ridge Parkway. Civic leaders viewed the development as a magnet for homebuyers and a way to generate more tax revenue.

Construction work is also noted on Fort Carsons eastern entrance, such as the expansion of Gate 20 and the rebuilding of Interstate 25 interchange. These construction projects are meant to create easy access to Fountain Valley where many soldiers are considering living.

The ongoing developments and preparations have made some economists, business owners and civic leaders speculate whether the Fountain Valley should anticipate a boom in population and business.

Since Memorial Day, about 100 soldiers daily have started to report at Fort Carson. This created an immediate need for housing, with soldiers grabbing single-family rentals and apartments in Fountain Valley. Because of this development, the vacancy rate in the town has been reduced.

However, industry experts noted that the soldiers are not yet buying cheap foreclosed homes. They said that many activities are taking place in the rental market, adding that it is too early to predict if Fort Carson is on its way to a housing and business expansion.

Experts said that the expansion depends on several factors that are beyond their control. Some of them include the confidence of soldiers about their new assignments, future deployments and recovery of the financial market and the economy.

They said that many soldiers are waiting for some signs, bidding their time, thus the slow home sales in the town despite the influx of military in the area. Experts said that soldiers come in the area thinking that they are coming in temporarily and would be shipped out soon. That is why many of them are not having long-term plans yet.

Five years ago, many military families moved out from the town, leaving in their wake hundreds of cheap foreclosed homes. But industry experts hope that the trend would soon be revised.

by: Joseph Smith

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