Thursday, September 20, 2012

Housing News Digest, September 20

Foreclosures in Weld County rise in August Foreclosure filings in Weld County rose 21 percent in August from July, according to numbers released Wednesday by the Colorado Division of Housing.
State wide, filings rose 15.7 percent, according to the release.
“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,” Ryan McMaken, spokesman for the Colorado Division of Housing, said in the news release. “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 this year to last year in Weld County, foreclosure filings in August were about the same, with 149 filings last year and 150 this year.
Through the first eight months of the year, there have been 1,161 total foreclosure filings in the county.

Foreclosure filings up 4% in Colorado metro counties For the first eight months of 2012, from January through August, foreclosure filings were up 4.0 percent in Colorado metro counties when compared to the same period last year, according to a report released Thursday by the Colorado Division of Housing. Foreclosure auction sales, however, were down 25.7 percent over the same period. Foreclosure auction sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction.

Home ownership: An American dream in decline Back in the day, owning a home was a symbol of maturity — you were all grown up, working hard and living the American dream. It was shelter and stability and a nest egg that grew in value, protecting your future. Today, the American dream may have lost some of its luster for a new generation that wants or may need to be more mobile, have more discretionary income and not be tied to a place that may one day need a new roof or furnace.

 Colorado sees fewer foreclosure actions Foreclosure auction sales in Colorado’s metro counties were down 10.4 percent in August compared with August 2011, falling to 1,341 from 1,497. Over the same period, foreclosure filings fell to 2,287 from 2,325. For the first eight months of the year, foreclosure filings were up 4 percent compared with the same period last year. Foreclosure auction sales, however, were down 25.7 percent over the same period.

Housing authorities file lawsuit Some Colorado housing authorities have already joined the class action lawsuit and Colorado isn’t the only state participating. Many housing authorities throughout the country have joined in. The lawsuit was brought about when HUD instituted a requirement that the housing authorities use all reserve monies they have saved up before they could receive any more money for operating funds. As a result, many housing authorities lost their funding for 2012. The Conejos County Housing Authority currently maintains 44 units and, if they participate, they will be suing for the loss of this year’s operating funds.