John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Is the worst over for foreclosures? Take a poll at the end of this blog.
Foreclosure filings in Colorado’s largest counties plunged by 29.5 in July from July 2009, the fourth consecutive month this year that foreclosure activity has dropped from the comparable month last year, according to a state report released today.
The Department of Local Affairs’ Division of Housing reported that monthly foreclosure filings totals have been down year-over-year every month since April. Foreclosure sales at auction fell 15.4 percent during July as compared to July of last year.
There were 2,718 new foreclosure filings in July compared with 3,855 filings in July 2009. There were 1,581 foreclosure sales during July, and 1,869 foreclosure sales in July of last year.
From June to July this year, foreclosure filings rose 0.2 percent, and foreclosure sales at auction fell 10.9 percent. 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.
Downward trend
“We continue to see a generally downward trend in both new filings and foreclosure sales at auction,” said Ryan McMaken, a spokesperson for the Colorado Division of Housing. “The decline in sales at auction can be attributed at least in part to the success of programs like the Foreclosure Hotline. However, since foreclosure activity is so closely tied to wages and employment right now, the trend in filings could change at any time in response to the overall strength of the economy.”
Foreclosure activity varied by county. The counties with the largest decreases in foreclosure filings from July 2009 to July 2010 were Weld and Denver, where filings decreased by 38 percent and 39 percent, respectively. Mesa County was the only county surveyed where filings increased. Year-over-year filings in Mesa County increased by 24.6 percent.
Year-over-year, Mesa County was also the only county to report an increase in foreclosure sales at auction. Sales increased 133.3 percent in Mesa County year-over-year. Sales fell most in Larimer County and El Paso County where they decreased by 31.1 percent and 32.4 percent, respectively.
The county with the highest rate of foreclosure sales was Weld County with a rate of 598 households per foreclosure sale. Mesa County came in second with 660 households per foreclosure sale. The lowest rate was found in Boulder County where there were 2,966 households per foreclosure sale. The largest increase in foreclosure rates since 2009 was found in Mesa County where the foreclosure rate increased from 1,540 households per foreclosure to 660 households per foreclosure, year-over-year.
The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the 12 largest counties of Colorado. The report is a supplement to the division’s quarterly foreclosure report that includes all counties in Colorado.
County July 09 July 10 % Change
Adams 490 350 -28.6
Arapahoe 590 435 -26.3
Boulder 145 99 -31.7
Broomfield 34 31 -8.8
Denver 634 387 -39.0
Douglas 222 162 -27.0
El Paso 530 353 -33.4
Jefferson 390 295 -24.1
Larimer 232 156 -32.8
Mesa 130 162 24.6
Pueblo 137 88 -35.8
Weld 321 199 -38.0
Total 3855 2718 -29.5
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The full report is available on the Division of Housing blog: http://divisionofhousing.blogspot.com/
Contact John Rebchook at JRCHOOK@gmail.com
This brings up the question of – how much of an effect has short sales had on the decline of the foreclosure numbers?
As you know short sales are supposed to be there to help home owners avoid foreclosure and there are a lot of short sales out there.
Wow! There is so much drama in numbers and statistics. Why it seems that everyone wants to be the first to predict the change in the doldrums. Here’s an easy way; when you see want ads for framers! Then it would be a good time to predict that the economy is starting to change. In the mean time; take a nap. At the current rate of improvement Rip Van Winkle’s nap will seem like a siesta.
Yes, that’s right – framers; not farmers. You know; the guys that manage to make all those warped boards fit.