Monday, November 25, 2013

Colorado foreclosures dive again in October

Foreclosure filings were down 55.2 percent in Colorado metro counties during October 2013, falling to the lowest level recorded in any month since the Division of Housing began collecting monthly totals in 2007.  According to a report released Monday by the Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were down 68.7 percent in October compared to October of last year, dropping from 1,399 to 438.  Over the same period, foreclosure filings dropped from 1,880 to 843.

For the first ten months of the year, from January through October, foreclosure filings were down 47.2 percent in 2013 when compared to the same period last year. Foreclosure auction sales were down 41.7 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.

“October’s drop was the largest year-over-year decline we’ve seen in the seven-year history of the report,” said Ryan McMaken, an economist for the Colorado Division of Housing. “Foreclosure activity is quickly moving toward what we consider to be a ‘normal’ rate.”  

Comparing the first ten months of this year with the same period last year, the counties with the largest drops in foreclosure filings were Douglas, Boulder, Broomfield, and Araphoe counties, which all reported year-over-year drops of 50 percent or more. All counties surveyed reported declines for the first ten months of this year compared to the same period last year. The smallest decline in foreclosure filings was in Pueblo County where filings fell 30.6 percent, year over year.

All counties surveyed showed decreases in foreclosure auction sales during the first ten 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 Adams County where auction sales decreased by 51.4 percent and 49.4 percent, respectively. Pueblo County, which reported the smallest decline over the period, reported a decrease of 27.0 percent.

The county with the highest rate of foreclosure sales during October was Mesa County with a rate of 846 households per foreclosure sale. Pueblo County came in second with 1,355 households per foreclosure sale. The lowest rate was found in Boulder County where there were 10,273 households per foreclosure sale.