Monday, December 21, 2009

Completed foreclosures down 13 percent in metro counties

Completed foreclosures down 13 percent in metro counties

Click here for report.

Foreclosure sales at auction in Colorado’s largest counties fell 13 percent for the period from January through November, as compared to the same period last year. According to a report released today by the Department of Local Affairs – Division of Housing, completed foreclosures showed declines, but new foreclosure filings rose 12 percent for the period of January to November compared year over year. In metropolitan counties, there were 32,744 foreclosure filings and 17,160 foreclosure sales from January to November of last year. There were 36,628 filings and 14,975 sales during the same period this year.

Comparing the month of November this year to November last year, foreclosure sales fell 0.5 percent from 1,520 to 1,512, while new foreclosure filings rose 11.8 percent from 2,506 to 2,802.

Foreclosure activity fell from October to November. Foreclosure sales fell 0.4 percent, and foreclosure filings fell 13.4 percent. Monthly totals peaked in July of this year when foreclosure sales reached 1,869 and foreclosure filings totaled 3,855.

Mesa County reported the largest year-over-year increase in completed foreclosures, with an increase of 181 percent. Boulder County and El Paso County reported increases of 126 percent and 11 percent respectively, while all other counties surveyed reported decreases in the number of completed foreclosures. Adams County and Arapahoe County reported decreases of 22 percent and 20 percent respectively. Denver County reported the largest decline of 33 percent.

However, no counties reported decreases in new foreclosure filings for the same period. Adams and Denver Counties reported no change in totals, but all other counties surveyed reported increases, with Mesa County and Boulder County reporting the largest increases of 139 percent and 39 percent respectively.

“At this point, it appears very unlikely that the number of completed foreclosures will reach the total set in 2007 and 2008,” said Ryan McMaken, a spokesperson with the Colorado Division of Housing. “November was a relatively light month for foreclosures, but with new foreclosure filings still up compared to last year, foreclosures will continue to be a challenge.”

Foreclosure rates in metropolitan counties vary considerably. Adams County and Weld County tied for the highest foreclosure rate with 61 households per foreclosure completed year to date. Pueblo County reported a rate of 84 households per foreclosure, and Arapahoe County report 85. Boulder County reported the lowest rate among counties surveyed with a rate of 326 households per foreclosure. In spite of recent increases in foreclosure activity, Mesa County reported the second-lowest foreclosure rate of 199 households per foreclosure.

For all counties surveyed, the overall foreclosure rate was 128 households per completed foreclosure.

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.

The full report is available on the Division of Housing blog: