Foreclosures In Colorado Drop To 10-Year Low (CBS4) Foreclosure auction sales last year dropped to the lowest level reported since 2004. According to a report by the Colorado Division of Housing, new foreclosure auction sales in 2013 were down 41.4 percent. “Colorado appears to be reaching the end of this foreclosure cycle,” said Ryan McMaken, economist for the Colorado Division of Housing. “Foreclosure activity is now well below below the crisis levels of 2007 and 2009.”
Colorado foreclosure activity hits 9-year low in 2013 (Denver Post)
McMaken said a lot of what is being seen in the housing market is being driven by low interest rates, monetary policy being decided elsewhere, employment and the lack of a national recession.
"We will know ahead of time if we are going to see another surge in foreclosures," said McMaken. "Because before foreclosures surge again, we would see unemployment go up, we would see interest rates go up. ... It is unlikely there will be some unexpected surge there."
Colorado Springs-area foreclosure activity declined in 2013, mirroring rest of the state
The number of properties in El Paso and Teller counties that were sold after falling into foreclosure dropped sharply last year, a decline that mirrored an improving foreclosure picture in the rest of the state, according to a Colorado Division of Housing report released Thursday.
Economists and real estate industry experts have pointed to a better economy and a healthier housing market for the decline in foreclosures. In particular, as mortgage rates have fallen, prices have risen and demand has increased for homes, it's been easier for troubled homeowners to sell their properties or refinance - staving off foreclosure.
Colorado Springs home prices on the rise, national report shows
Statistics from the Pikes Peak Association of Realtors have shown that Colorado Springs-area home prices have been on the rise over the last several months. A National Association of Realtors report released this week shows the same trend.
Colorado Springs was one of the 119 out of 164 metropolitan statistical areas nationwide that saw a year-over-year increase in median, single-family home prices during the fourth quarter, according to the NAR.
Colorado foreclosure sales hit 10-year low in 2013(DBJ)
All of the state’s 12 metropolitan counties reported year-over-year declines in the number of foreclosure auction sales from 2012 to 2013. Auction sales dropped the most in Douglas and Denver counties, falling 50.2 percent and 49.8 percent, respectively.
Several mountain counties were found among the state’s counties with the highest foreclosure rates for the fourth quarter, including Archuleta, Park, and Gunnison counties.
On other end of the spectrum, Boulder reported only 30 completed foreclosures for the quarter, for a foreclosure rate of only one foreclosure for every 4,109 households.