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New foreclosure filings dropped to a 30-month low in Colorado’s metropolitan counties during February. According to a report released today by the Colorado Division of Housing, foreclosure sales fell 26.4 percent from January to February as mortgage servicers continued to process foreclosures at an unusually slow pace in response to the “robo-signing” controversy that surfaced last fall.
Comparing year-over-year, foreclosure filings fell 34.7 percent in February, and year-to-date comparisons show that for the period including both January and February this year, foreclosure filings are down 18.8 percent as compared to the same period last year. There were 1,986 new foreclosure filings during February 2010 in Colorado’s metropolitan counties, compared to February 2010’s total of 3,042.
Foreclosure sales at auction also continued to fall. Foreclosure sales fell 19.6 percent from February 2010 to February 2011. Year-to-date comparisons show that sales are down 20.8 percent for the period including both January and February this year as compared to the same period last year. Sales also fell 10.7 percent from January to February. There were 1,338 foreclosure sales during February 2011 in the metro counties, and 1,499 sales during February of last year.
Foreclosure filings are the initial filing that begins the foreclosure process, and foreclosure sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.
With the exception of Broomfield County, all metropolitan counties showed decreases in foreclosure filings of 20 percent or more, comparing year-over-year. From February 2010 to February 2011, foreclosure filings were flat in Broomfield County, but foreclosure filings fell 51.5 percent in Douglas County and 45.8 percent in Denver County.
Foreclosure sales totals also showed declines across the state. With the exception of Denver County, all metropolitan counties showed decreases in foreclosure sales at auction, comparing year-over-year. From February 2010 to February 2011, foreclosure sales were up 9.3 percent in Denver County while they fell 38.8 percent in Douglas County and 37.4 percent in El Paso County.
The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.