Foreclosure filings in Colorado metro counties down 36.8 percent

A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver on Wednesday, Aug. 29, 2007. (The Denver Post file)

Foreclosure filings were down 36.8 percent in Colorado metro counties during November, falling to the lowest level recorded in any month since the Colorado Division of Housing began collecting totals in 2007, the agency reported Wednesday.

According to the report, foreclosure filings dropped from 2,296 in November 2011 to 1,450 in November 2012.

For the first eleven months of the year, January through November, foreclosure filings were down 6.5 percent in 2012 when compared to the same period last year.

At the same time, the report said foreclosure auction sales in Colorado’s metropolitan counties were down 31.8 percent in November compared to November of last year, falling from 1,290 to 880.

Foreclosure auction sales were down 19.9 percent for the first eleven months of the year, from January through November.

Foreclosure filings are the initial filings that begin 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.

“Declines in foreclosure filings have accelerated in recent months,” said Ryan McMaken, an economist for the Colorado Division of Housing. “There are still going to be some ups and downs, but declines in foreclosures this year have been larger than we expected.”

Comparing the first 11 months of this year with the same period last year, the counties with the largest drops in foreclosure filings were Larimer and Boulder counties where filings decreased by 17 percent and 18.5 percent respectively.

Mesa County, on the other hand, reported a 17.8 percent increase in foreclosure filings over the same period. Mesa County was the only county to report an increase in foreclosure filings.

Ten of the twelve counties surveyed showed decreases in foreclosure auction sales during the first eleven months of the year when compared to the same period last year.

In Denver, there were 219 foreclosure filings in October and 200 in November, a decrease of 8.7 percent. Foreclosure sales in Denver were 192 in October and 120 in November, a decrease 37.5 percent.

Year-over-year in Denver, there were 312 foreclosure filings in November 2011 and 200 in November 2012, a decrease 35.9 percent. Year-over-year in Denver, there were 120 foreclosure sales in November 2011 and 120 in November 2012, for a zero percentage change.

Howard Pankratz: 303-954-1939,hpankratz@denverpost.comortwitter.com/howardpankratz

Read more:Foreclosure filings in Colorado metro counties down 36.8 percent – The Denver Posthttp://www.denverpost.com/breakingnews/ci_22175590/foreclosure-filings-colorado-metro-counties-down-36-8#ixzz2EqpLNy3a
Read The Denver Post’s Terms of Use of its content: http://www.denverpost.com/termsofuse

Leave a Reply