Thursday, February 17, 2011

New foreclosure filings in Colorado fall to eight-month low

Click here for the full report.

Foreclosure sales at auction dropped to an eight-month low in Colorado’s metropolitan counties during January. According to a report released today by the Colorado Division of Housing, foreclosure filings in Colorado’s metropolitan counties were down 1.1 percent from January 2010 to January of this year. Total filings in January fell from 2,729 to 2,699, year over year.

Foreclosure sales at auction also fell with total sales dropping 21.8 percent from 1,917 sales in January 2010 to 1,499 sales in January of this year.

From December 2010 to January 2011, foreclosure filings fell 6.7 percent, and foreclosure sales at auction rose 11.7 percent.

Foreclosure filings are now at the lowest monthly total reported since June 2010. Foreclosure sales at auction, while down from January 2010, increased for the second month in a row as lenders sped up the processing of foreclosures. Sales increased following last October’s “slowdown” initiated by some lenders in response to the “robo-signing” controversy that caused some mortgage companies to suspend the processing of foreclosures.

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.

The counties with the largest decreases in foreclosure filings from January 2010 to January 2011 were Boulder County and Mesa County, where filings decreased by 29.9 percent and 18.6 percent, respectively. Douglas County reported the largest rise in new filings with an increase of 68.8 percent, year over year.

Year over year, all counties showed decreases in January’s foreclosure sales at auction except Douglas County and Mesa County. From January 2010 to January 2011, foreclosure sales rose 2.4 percent and 12.9 percent in Douglas County and Mesa County, respectively. In all other counties measured during the same period, sales fell 18 percent or more.

The county with the highest rate of foreclosure sales was Weld County with a rate of 690 households per foreclosure sale. Mesa County came in second with 702 households per foreclosure sale. The lowest rate was found in Broomfield County where there were 6,450 households per foreclosure sale.

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.