Friday, May 6, 2011

March foreclosures in Colorado metro areas plummet almost 50 percent



New foreclosure filings dropped to a 31-month low in Colorado’s metropolitan counties during March. According to a report released today by the Colorado Division of Housing, foreclosure filings fell 6.4 percent from February to March as lenders and servicers continued to process foreclosure slowly and as stability continued to slowly return to local real estate markets.

Comparing year-over-year, foreclosure filings fell 49.8 percent in March, and year-to-date comparisons show that for the period from January to March this year, foreclosure filings are down 30.9 percent as compared to the same period last year. There were 1,858 new foreclosure filings during March 2011 in Colorado’s metropolitan counties, compared to March 2010’s total of 3,698.

Foreclosure sales at auction also continued to fall. Foreclosure sales fell 19.2 percent from March 2010 to March 2011, and year-to-date comparisons show that sales are down 20.2 percent for the period from January to March this year as compared to the same period last year. Sales rose 29.7 percent from February to March. There were 1,736 foreclosure sales during March 2011 in the metro counties, and 1,338 sales during March of last year.

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 of 35 percent or more, comparing year-over-year. From March 2010 to March 2011, foreclosure filings fell 62.5 percent in Douglas County and 67.9 percent in Broomfield County.

Foreclosure sales totals also showed declines across the state. With the exception of Mesa County, all metropolitan counties showed decreases in foreclosure sales at auction, comparing year-over-year. From March 2010 to March 2011, foreclosure sales were up 1.8 percent in Mesa County while sales at auction fell 63.2 percent in Broomfield County and 37.3 percent in Denver County.

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.