Thursday, June 14, 2012

Completed foreclosures in Colorado hit five-year low in May

Foreclosure filings were up in Colorado during May, but foreclosure auction sales fell to a five-year low. According to a report released Thursday by the Colorado Division of Housing, foreclosure filings in Colorado’s metropolitan counties were up 12.8 percent last month compared to May of last year, rising from 2,002 to 2,259.  Over the same period, foreclosure auction sales were down 17.3 percent, falling to the lowest May sales total recorded since 2008.

Among the counties surveyed, there were 965 foreclosure auction sales during May of this year, compared to 1,167 sales during May of last year.

For the first five months of the year, from January through May, foreclosure filings were up 1.7 percent in 2012 when compared to the same period last year. Foreclosure auction sales, however, were down 27.1 percent over the same period.

Foreclosure filings are the initial filing that begins the foreclosure process, and foreclosure auction sales totals are the total   number of foreclosures that have been sold at auction at the end of the foreclosure process.  

“Foreclosure auction sales have now been down nineteen of the last twenty months, comparing year over year, and for now, we can say that fewer people have been losing their homes to foreclosure this year when compared to other years since 2007,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “On the other hand, filings continue to rise, and since some of those filings will turn into re-possessed homes in the future, we can see that foreclosures haven’t gone away yet.”

Comparing the first five months of this year with the same period last year, the county with the largest decline in foreclosure filings was Boulder County where filings decreased by 16.4 percent. Mesa County, on the other hand, reported a 21.1 percent increase in foreclosure filings over the same period.

Eleven of twelve counties surveyed showed decreases in foreclosure auction sales during the first five months of this year when compared to the same period last year.  The counties with the largest decreases in foreclosure auction sales, year over year, were Denver County and Douglas County, where auction sales decreased by 39.6 percent and 38.9 percent, respectively. Broomfield County reported an increase of 36.7 percent in auction sales, while Pueblo’s auction sales fell only 3.3 percent from 2011 to 2012, comparing the first five months of the year.  

The county with the highest rate of foreclosure sales during May was Mesa County with a rate of 852 households per foreclosure sale. Pueblo County came in second with 1,002 households per foreclosure sale. The lowest rate was found in Boulder County where there were 6,289 households per foreclosure sale.

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.