Colorado lawmakers are hoping to mitigate the effects widespread foreclosures are having on local communities in the state.

This week, Gov. Bill Ritter signed into law a bill that he says will secure neighborhoods against abandoned properties that have fallen into foreclosure.

House Bill 1249 was sponsored by Reps. Dianne Primavera and Jeanne Labuda and Sen. Mike Johnston. They say the statute will help avert both vandalism and declining

property values by reducing the time it takes to sell a foreclosed property.

“Abandoned homes can quickly turn a family-friendly neighborhood into a safety hazard for children, a magnet for crime, and a drain on the property values of nearby homes,” said Gov. Ritter. “HB 1249 will cut in half the time it takes to sell an abandoned home in foreclosure.”

According to a statement from the governor’s office, the preceding law called for a minimum four-month sale process for foreclosures. The new legislation cuts that mandate to two months, reducing the amount of time an abandoned home will sit unattended and unoccupied.

“It is the American Dream to own a home, and for most Coloradans, their greatest asset is their home,” said Rep. Primavera. “This bill ensures that abandoned properties do not negatively impact the home values and resale prices for the rest of the neighborhood.”

Sen. Johnston added, “For many Colorado families, living in the vicinity of foreclosed homes can increase their risk for being a victim of a crime and can decrease their property value. By enacting HB 1249 we ensure that our communities remain clean and safe.”