Thursday, February 28, 2013

Colorado foreclosure filings start off year by falling 25 percent

Foreclosure filings were down 24.9 percent in Colorado metro counties during January 2013, falling to the lowest level recorded during any January in seven years. According to a report released Thursday by the Colorado Division of Housing, there were 1,456 new foreclosure filings in metro counties in Colorado during January, down from 1,939 during January of last year. Foreclosure auction sales in Colorado’s metropolitan counties were down 19.1 percent in January compared to January of last year, falling from 1,150 to 930.

For the 12-month period ending January 2013, foreclosure filings were down 8.7 percent in 2012 when compared to the 12-month period ending January 2012. Comparing the same two periods for foreclosure auction sales, metro counties showed a decline of 19.5 percent.

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.
“Right now, the data suggests it’s unlikely we’ll see a reversal of the downward trend in foreclosures that’s been in place since 2010,” said Ryan McMaken, an economist for the Colorado Division of Housing.“For instance, mortgage delinquencies were down again in the fourth quarter which points toward more declines in foreclosure activity.”

Comparing the 12-month period ending in January 2013 to the same period a year earlier, the counties with the largest drops in foreclosure filings were Larimer and Boulder counties where filings decreased by 20 percent and 18.4 percent, respectively. Mesa County, on the other hand, reported a 5.0 percent increase in foreclosure filings over the same period.

11 of 12 counties surveyed showed decreases in foreclosure auction sales when comparing the 12-month period ending in January 2013 to the same period a year earlier. The counties with the largest decreases in foreclosure auction sales were Denver County and Douglas County where auction sales decreased by 30.2 percent and 28.7 percent, respectively. Pueblo County reported in increases of 2.2 percent in auction sales over the same period.

The county with the highest rate of foreclosure sales during January was Pueblo County with a rate of 1,058 households per foreclosure sale. Mesa County came in second with 1,165 households per foreclosure sale. The lowest rate was found in Boulder County where there were 4,042 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.