Wednesday, December 7, 2011

Housing News Digest, December 7

Greeley Transitional House provides more than warmth

From unexpected medical costs to a necessary vehicle repair, sudden financial challenges can plunge a family into losing everything. The roof over a family's heads suddenly takes a backseat to food and necessities.

Lives are uprooted as family members and friends offer stable places to live. Some find the Greeley Transitional House, an organization whose goal is to provide housing for families while they reach stable incomes.

Denver metro foreclosure sales surge in November

One theory is that lenders have geared up again after pulling back in the fall of 2010 on criticisms that they were improperly processing foreclosures.

That slowdown showed signs of reversing in August and could explain November's numbers, McMaken said.

Another explanation is that November had five Wednesdays, the day of the week when foreclosure auctions take place, he said.

Calm Before the Storm: CMBS Delinquency Rate Retreats

That’s the second biggest decline recorded by the New York-based research firm in 2011, surpassed only by August’s 36 point drop. The rate has now fallen in four of the 11 months of 2011.

Colorado foreclosure filings down 28.6% as 2011 draws to a close
It's likely, he said, that the state's processed the filings from most of Colorado's at-risk borrowers and that the foreclosures filed now are a primary function of joblessness.

Among the state's 12 largest counties, Mesa County recorded the sharpest year-to-date decline of 35.2 percent and Pueblo County posted the smallest drop of 12.5 percent.

Boulder and Broomfield counties' declines nearly mirrored those of the statewide average with drops of 26.7 percent and 27.1 percent, respectively.

Larimer County sees fewer foreclosure filings, sales than last year
The number of Coloradans losing their homes to foreclosure increased year-over-year in November for the first time in 14 months, but both filings and sales remain down by more than 20 percent so far this year.

Larimer County's foreclosure sales year-to-date dropped 12 percent compared to last year.

Colorado foreclosure filings down 28 percent
Foreclosure filings in Colorado through November were down 28.6 percent compared to the same 11-month period in 2010, the Colorado Division of Housing reported.

In Larimer County, foreclosure filings were down by 27.1 percent year-to-date, while Weld County filings were down 31.4 percent through the year, according to the report.

Larimer County foreclosure sales jump in November, but they're down 12 percent for the year

But according to a report from the Colorado Division of Housing released Tuesday, the sales of properties at auction, which represents the end of the foreclosure process, took a one-month jump of 47 percent in November in Larimer County over November 2010, and a 10 percent increase over October '11.

In Larimer County, 75 properties - most of them homes - reverted to the lender or were passed to a third party in November.