Right across the highway from here, something strange is going on:
Palmer Lake, a rural community north of Colorado Springs, has the highest percentage of foreclosures per household in El Paso County. With 240 homes in Palmer Lake, the area holds a 6.25% foreclosure rate – with one out of every 16 homes foreclosed, according to the public trustee.
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There’s some serious money in Palmer Lake these days, so I wonder if some people are using foreclosure to escape upside down loans on overpriced homes.
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