Tuesday, June 14, 2011

Foreclosures in Colorado continue slide, fall 24 percent in May

The full report is available here.

Both foreclosure filings and foreclosure sales at auction in Colorado’s metropolitan counties were down in May compared to May 2010. May was the sixth 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 24 percent from 2,633 during May 2010 to 2,002 during May 2011.

Foreclosure sales at auction fell 20 percent during the same period. There were 1,459 sales at auction during May 2010 in Colorado’s metropolitan counties, compared to May 2011’s total of 1,167.

From April to May of this year, foreclosure filings increased 3.6 percent and sales at auction fell 27.2 percent. Foreclosure filings hit a 31-month low in March, but have risen slightly over the past two months.

Year-to-date comparisons show that for the period from January to May this year, foreclosure filings are down 31.7 percent as compared to the same period last year, and foreclosure sales at auction are down 18.4 percent.

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 in the year-to-date comparisons. Comparing the first five months of this year with the same period last year, foreclosure filings fell 37.7 percent in Denver County and 36.5 percent in Adams County. The county with the smallest decrease was Pueblo County where filings dropped 15.7 percent, compared year over year.

Foreclosure sales totals also showed declines across all counties surveyed. Comparing the first five months of this year to the same period last year, foreclosure sales fell 53.8 percent in Broomfield County and 26 percent in Weld County. Mesa County showed the smallest decrease with a drop of 7.7 percent in foreclosure sales.

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.