Thursday, August 26, 2010

Foreclosure filings in Colorado fall again

Click here for the full report.

For the fourth month in s arrow, foreclosure filings in Colorado were down when compared with the same month last year. According to a report released today by the Department of Local Affairs’ Division of Housing, foreclosure filings in Colorado’s metropolitan counties fell 29.5 percent in July as compared to July of last year. Monthly foreclosure filings totals have been down year-over-year every month since April. Foreclosure sales at auction fell 15.4 percent during July as compared to July of last year.

There were 2,718 new foreclosure filings during July compared to 3,855 filings during the same period last year. There were 1,581 foreclosure sales during July, and there were 1,869 foreclosure sales during the same month last year.

From June to July this year, foreclosure filings rose 0.2 percent, and foreclosure sales at auction fell 10.9 percent.

Foreclosure filings are the initial filing that begins the foreclosure process, and foreclosure sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.

“We continue to see a generally downward trend in both new filings and foreclosure sales at auction,” said Ryan McMaken, a spokesperson for the Colorado Division of Housing. “The decline in sales at auction can be attributed at least in part to the success of programs like the Foreclosure Hotline. However, since foreclosure activity is so closely tied to wages and employment right now, the trend in filings could change at any time in response to the overall strength of the economy."

Foreclosure activity varied by county. The counties with the largest decreases in foreclosure filings from July 2009 to July 2010 were Weld County and Denver County, where filings decreased by 38.0 percent and 39.0 percent, respectively. Mesa County was the only county surveyed where filings increased. Year-over-year filings in Mesa County increased by 24.6 percent.

Year-over-year, Mesa County was also the only county to report an increase in foreclosure sales at auction. Sales increased 133.3 percent in Mesa County year-over-year. Sales fell most in Larimer County and El Paso County where they decreased by 31.1 percent and 32.4 percent, respectively.

The county with the highest rate of foreclosure sales was Weld County with a rate of 598 households per foreclosure sale. Mesa County came in second with 660 households per foreclosure sale. The lowest rate was found in Boulder County where there were 2,966 households per foreclosure sale. The largest increase in foreclosure rates since 2009 was found in Mesa County where the foreclosure rate increased from 1,540 households per foreclosure to 660 households per foreclosure, year-over-year.

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.