Thursday, September 20, 2012

Completed foreclosures in Colorado down 26 percent during 2012

Foreclosure filings were down 1.6 percent in Colorado metro counties during August, and foreclosure auction sales fell to a six-year low. According to a report released Thursday by the Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were down 10.4 percent last month compared to August of last year, falling from 1,497 to 1,341.  Over the same period, foreclosure filings were down, dropping from 2,325 to 2,287.   

For the first eight months of the year, from January through August, foreclosure filings were up 4.0 percent in 2012 when compared to the same period last year. Foreclosure auction sales, however, were down 25.7 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.

“With all of the slowdowns and administrative delays that pushed foreclosure filings down so far last year, I expected a larger increase in filings this year that we’re seeing,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “Instead, new foreclosures are only up slightly this year, while completed foreclosures really dropped off, reflecting last year’s big drop in new filings.”

Comparing the first eight months of this year with the same period last year, the counties with the largest declines in foreclosure filings were Weld and Boulder counties where filings decreased by 8.3 percent and 8.6 percent, respectively.  Mesa County, on the other hand, reported a 26.4 percent increase in foreclosure filings over the same period.

Ten of twelve counties surveyed showed decreases in foreclosure auction sales during the first eight 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 Douglas County and Denver County where auction sales decreased by 37.9 percent and 37.2 percent, respectively. Broomfield  and Pueblo counties reported increases of 8.3 percent and 1.7 percent, respectively, in auction sales over the same period.  

The county with the highest rate of foreclosure sales during August was Pueblo County with a rate of 574 households per foreclosure sale. Mesa County came in second with 752 households per foreclosure sale. The lowest rate was found in Boulder County where there were 2,390 households per foreclosure sale.

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve metropolitan counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.