Number of real estate loans that were paid off in 3Q falls in Weld, state
In Weld, several factors have slowed activity, including tighter lending standards, and the fact that many homeowners think they will get less than what they paid for their home if they sell it now, said Angell Fuchs, a mortgage consultant with Greeley-based Home Team Lending, which is a member of Universal Lending Corp. Fuchs has worked in the Greeley market since 1978. She said concerns about the national economic picture also have slowed buying.
“When you’ve got a friend that’s lost his job, that really effects your thinking about whether or not you can buy,” she said. “There’s no doubt that the fear of what might happen in the future because of the economy is playing an important factor.”
She also said a number of homeowners are upside down on their mortgages, which means they owe more on the home than it’s worth. That can make it difficult to get approved for a new loan.
New deed activity up
The number of real estate loans paid off in Colorado was up 3.4 percent during the first three quarters of 2011 compared to the same period last year, according to a state report released today.
Public trustees released a total of 177,409 deeds of trust for the first nine months of this year, rising from 2010’s nine-month total of 171,596. Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through a refinance, sale of a property or because the owner has made the final payment on the loan.
In the third quarter, however, the number of deeds of trust released this year fell 13.2 percent. Releases fell from 58,177 during 2010’s third quarter to 50,506 during the same period this year. Releases also fell from the second quarter of this year to the third quarter, falling 6.3 percent from the second quarter’s total of 53,878
Colorado 11th for foreclosures
Colorado foreclosures were down 24 percent from November 2010 20.2 percent down from October, both far better than the national average.
“This pretty closely mirrors our November data that we put out last week,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “Both filings and sales fell more than 20 percent year-over-year in our data, and it looks like they have some similar numbers here. Of course, we also analyzed the delinquency report data showing that Colorado was actually eighth-best in the country for delinquencies and foreclosures. Also, LPS Mortgage monitor, in another survey, listed Colorado as sixth-best in the nation for delinquencies and foreclosures. So, Realtytrac’s ranking of Colorado as 11th worst appears to be unique among three separate national surveys.”
Home loan repayments fall to new low statewide
The number of deeds of trust released fell 13.2 percent year-over-year in Colorado in the third quarter, according to data released by the Colorado Division of Housing.
A release of deed typically occurs when a real estate loan is paid off, whether through refinance, sale of property or because the owner has made the final payment on the loan.
In Larimer County, the number dropped 22.9 percent from 5,440 in third-quarter 2010 to 4,195 in the same quarter this year.
In Weld County, releases of deeds of trust fell 26.8 percent from 2,909 to 2,130 year-over-year in third-quarter. Weld County had the second-largest decrease, with Pueblo County dropping by 29.7 percent.
Kathi Williams picked to fill RTD board vacancy
Kathi Williams, a former state legislator and former director of the Colorado Division of Housing, was chosen Wednesday by the Adams County commissioners to fill a vacancy on the RTD board.
Williams, who also served on the Regional Transportation District board in the 1980s, was one of six finalists interviewed for the appointment.