Both new foreclosure filings and foreclosure auction sales were down during the first four months of this year when compared to the same period last year. According to a report released Wednesday by the Colorado Division of Housing, foreclosure filings in Colorado’s metropolitan counties were down 1.0 percent for the first four months of 2012, comparing year over year, falling from 8,476 to 8,395.
Over the same period, foreclosure auction sales were down 29.0 percent, dropping from 6,177 to 4,387. For the month of April alone, foreclosure filings were up 7.3 percent from April 2011 to April 2012 while foreclosure auction sales fell 36.2 percent over the same period.
From March 2012 to April 2012, foreclosure filings fell 10.8 percent while foreclosure auction sales rose 6.1 percent. Since 2008, March and April have tended to be two of the most active months for new foreclosure filings in Colorado, with totals in both filings and auction sales tending to drop off in May.
“March and April tend to be the high points for the year when it comes to foreclosure filings, but this year, those numbers were quite low compared to recent years," said Ryan McMaken, a spokesman with the Colorado Division of Housing. “On top of that, every metro area in the state showed a declining trend in foreclosure auction sales, and this suggests that foreclosure prevention efforts in general are continuing to have an effect statewide."
During the first four months of this year, the counties with the largest changes in foreclosure auction sales, year over year, were Douglas, Denver and Boulder counties where auction sales declined 40.7 percent, 38.1 percent and 38.1 percent, respectively. Auction sales dropped by only 5.4 percent in Pueblo county, and they grew by 29.6 percent in Broomfield County where 35 auction sales were reported. All other counties surveyed reported drops of 18 percent or more, comparing the first four months of this year to the same period last year.
New foreclosure filings, on the other hand, grew in several counties. New filings increased 22.6 percent percent in Mesa County from the first four months of last year to the same period this year, and they grew 5.7 percent in Pueblo county. Over the same period, filings activity also grew in Adams, Arapahoe, Jefferson and Larimer counties. Filings fell in all other counties.
"The overall trend is clearly down for now, but we're still going to see some ups and downs," McMaken said. "Some of the most notable and badly-needed declines in foreclosure activity were seen in Weld County, although Mesa county out west is still dealing with some challenges."
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.