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New foreclosure filings fell to 10,587 in Colorado during 2010’s third quarter, falling 15.1 percent from 2009’s third-quarter total of 12,468. According to a report released Thursday by the Colorado Department of Local Affairs’ Division of Housing, 2010’s third quarter filings were also down 3.5 percent from 2010’s second-quarter total of 10,233.
Foreclosure sales at auction, the event that completes the foreclosure process, increased 18.0 percent from the third quarter of 2009 to the same period this year, rising from 5,618 to 6,629. Foreclosure sales also rose 12.6 percent from the second quarter’s total of 5,887 to the third quarter of this year.
According to the report, foreclosure filings for the third quarter remain well below 2009’s third quarter total when statewide foreclosure filings hit the largest total in foreclosure filings yet recorded for Colorado. Since then, foreclosure filings have generally followed a downward trend. Foreclosure sales, however, “have continued along a generally upward trend since the first quarter of 2009.”
During the nine months of 2010, foreclosure filings fell 9.0 percent as compared to the first nine months of 2009, while foreclosure sales at auction rose 28.3 percent during the same period.
All metropolitan counties except Mesa County reported year-over-year drops in foreclosure filings. Comparing the third quarter of 2009 to the same period this year, foreclosure filings in Weld County fell 30.8 percent, while filings fell 23.1 percent in Pueblo County and 22.1 percent in Denver County. Year-over-year, filings rose 20.9 percent in Mesa County.
On the other hand, all metropolitan counties except Weld County reported year-over-year increases in foreclosure sales at auction. Comparing the third quarter of 2009 to the same period this year, foreclosure sales were up 164.0 percent in Mesa County, and were up 44.2 percent in Douglas County. Denver County and Adams County increased only 1.1 percent and 1.8 percent increases, respectively, while Weld County totals dropped 7.2 percent.
Foreclosure sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction. Filings denote the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has at least 110-120 days to work with the lender to avoid a completed foreclosure. It is during this period that borrowers work with lenders and housing counselors to work out loan modifications, short sales, or other ways of withdrawing the foreclosure.