Monday, June 30, 2014

Colorado foreclosure filings down 31 percent in May

Foreclosure filings were down 31.4 percent in Colorado metro counties during May 2014, falling year over year to the lowest level recorded during May in any year since the Division of Housing began collecting monthly totals in 2007. According to a report released Wednesday by the Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were down 45.0 percent in May this year compared to May of last year, falling from 720 to 396. Over the same period,foreclosure filings dropped from 1,113 to 763. For the first five months of the year combined, from January through May, foreclosure filings were down 25.3 percent in 2014when compared to the same period last year.

Foreclosure auction sales were down 40.3 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. “We're looking at an eight-year low for May foreclosures, and both filings and sales have fallen, year over year, for the past nineteen months," said Ryan McMaken, an economist for the Colorado Division of Housing. “The downward trend is likely to continue as long as employment is stable and we continue to see rather low mortgage rates.”

 Year-to-date through May this year, compared to the same period last year, the counties with the largest drops in foreclosurefilings were Broomfield and Douglas counties where filings decreased by 53.4 percent and 48.4 percent, respectively. All counties surveyed reported year-to-date declines in filings, except for El Paso County which reported an increase of 0.6 percent. Foreclosure auction sales were down in all counties surveyed in the year-to-date numbers, with Boulder and Larimer counties reporting the largest declines, year over year.

Year-to-date through May, auction sales were down 58.3 percent in Boulder County and 53.9 percent in Larimer County, compared to the same period of last year. The county with the highest rate of foreclosure sales during May was Mesa County with a rate of 1,578 households perforeclosure sale. Pueblo County came in second with 1,676 households per foreclosure sale. The lowest rate was found in Boulder County where there were 30,820 households per foreclosure sale during May. #222222;">May.