The 1st quarter 2011 statewide foreclosure report is now available.
New foreclosure filings fell to 8,115 in Colorado during 2011’s first quarter, falling 27 percent from 2010’s first-quarter total of 11,136. According to a report released Thursday by the Colorado Division of Housing, foreclosure sales at auction, the event that completes the foreclosure process, also dropped during the first quarter, falling 16 percent from 6,686 to 5,606, year-over-year, for the first quarter.
From the fourth quarter of last year to the first quarter of this year, foreclosure filings also fell, with filings dropping 24 percent from 10,736. During the same period, sales at auction increased 19.5 percent from 4,691 to 5,605.
Foreclosure filings have fallen to the lowest level since the third quarter of 2008 and have fallen nearly 35 percent below 2009’s third-quarter total when filings peaked at more than 12,000 new foreclosures. Foreclosure sales at auction, on the other hand, have generally moved sideways for the past two years as large numbers of new foreclosures have slowly moved through the foreclosure process.
While several regions of Colorado saw improvement during the first quarter, some areas continued to experience continued growth in foreclosures.
All twelve of the state’s metropolitan counties reported drops in foreclosure filings during the first quarter of 2011. From the first quarter of 2010 to the same period this year, Adams County filings fell 31 percent and Denver County filings fell 41 percent. Foreclosure filings in Mesa County fell 30 percent during the same period. Most of the state’s 64 counties reported year-over-year declines in foreclosure filings.
Those counties that did experience increases were generally found on the Western Slope and outside the Front Range. From the first quarter of 2010 to the same period this year, filings in Garfield County rose 26 percent, and they rose 37 percent in Alamosa County. Filings rose 29 percent in Delta County.
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.