Tuesday, May 17, 2011

Foreclosures in Colorado fall 40 percent in April

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Both foreclosure filings and foreclosure sales at auction in Colorado’s metropolitan counties fell during April when compared to the same month last year. April was the fifth consecutive month during which both filings and sales were down when compared to the same month a year earlier. According to a report released today by the Colorado Division of Housing, foreclosure filings fell 40.1 percent from 3,228 during April 2010 to 1,933 during April 2011.

Foreclosure sales at auction fell 11.2 percent during the same period. There were 1,604 sales at auction during April 2011 in Colorado’s metropolitan counties, compared to April 2010’s total of 1,806.

From March to April of this year, foreclosure filings increased 4.0 percent and sales at auction fell 7.6 percent. Foreclosure filings hit a 31-month low in March, but have risen slightly since.

Year-to-date comparisons show that for the period from January to April this year, foreclosure filings are down 33.2 percent as compared to the same period last year, and foreclosure sales at auction are down 18 percent.

“It’s now been seven months since new foreclosure filings increased year over year, and three of those months showed drops of thirty percent or more,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “On the other hand, foreclosure sales at auction are actually up in 2011 compared to what we saw during March and April of 2008 and 2009. The filings news is great, but there are still clearly many pending foreclosures left to deal with.”

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.

All metropolitan counties showed decreases in foreclosure filings, comparing year over year. From April 2010 to April 2011, foreclosure filings fell 56.3 percent in Douglas County and 51.3 percent in Larimer County. The county with the smallest decrease was Pueblo County where filings dropped 7.1 percent, compared year over year.

Foreclosure sales totals also showed many declines across the state, but were mixed. Pueblo County, Boulder County and Jefferson County all reported increases in foreclosure sales at auction in April when compared to April of last year. All other counties, however, showed decreases with the largest decrease found in Weld County where foreclosure sales fell 39.2 percent, year over year.

“Over the past year, Weld County and metro Denver have been enjoying the most improvement,” McMaken said. "Mesa County looks like it might finally be leveling off after about eighteen months of rather large increases in foreclosure activity, but totals haven’t started to fall yet.”