Vote in a foreclosure poll at the end of this blog
New foreclosure filings fell to 8,115 in Colorado during 2011’s first quarter, falling 27 percent from 2010’s first-quarter total of 11,136, shows a state report released today. Foreclosure sales at auction, the event that completes the foreclosure process, also dropped during the first quarter, falling 16 percent from 6,686 to 5,606, year-over-year, according to the Colorado Division of Housing.
From the fourth quarter of 2010 to the first quarter of this year, foreclosure filings also fell, with filings dropping 24 percent from 10,736. During the same period, sales at auction increased 19.5 percent from 4,691 to 5,605.
Down more than a third from peak
Foreclosure filings have fallen to the lowest level since the third quarter of 2008 and have fallen nearly 35 percent below 2009’s third-quarter total when filings peaked at more than 12,000 new foreclosures. Foreclosure sales at auction, on the other hand, generally have moved sideways for the past two years as large numbers of new foreclosures have slowly moved through the foreclosure process.
“Mortgage servicers and lenders continue to process foreclosures at an unusually slow rate, and although we expected foreclosure activity to drop in the first quarter, it fell more than expected,” said Ryan McMaken, a spokesman with the Division of Housing.“That gives us hope for the future, but right now, foreclosure sales at auction aren’t going away.”
On Wednesday, John E. Silvia, chief economist for Wells Fargo, at a Denver breakfast meeting told about 300 people that Colorado is no where near the worst market in the U.S. for distressed properties. For example, 2.7 percent of the mortgage in Colorado are at least 90 days delinquent, compared with 3.6 percent for the entire U.S., he said. In Nevada, 8.3 percent of the mortgages are at least 90 days delinquent, which can trigger the foreclosure process.
While several regions of Colorado saw improvement during the first quarter, some areas continued to experience continued growth in foreclosures.
All 12 of the state’s metropolitan counties reported drops in foreclosure filings during the first quarter of 2011. From the first quarter of 2010 to the same period this year, Adams County filings fell 31 percent and Denver County filings fell 41 percent. Foreclosure filings in Mesa County fell 30 percent during the same period. Most of the state’s 64 counties reported year-over-year declines in foreclosure filings.
Those counties that did experience increases were generally found on the Western Slope and outside the Front Range. From the first quarter of 2010 to the same period this year, filings in Garfield County rose 26 percent, and they rose 37 percent in Alamosa County. Filings rose 29 percent in Delta County.
“The Western Slope and the mountains in Colorado are still growth areas for foreclosures,” McMaken said. “Mesa County finally saw some relief this past quarter with a drop in foreclosure filings, but in places like Eagle County, Garfield County and Montrose County, we’re seeing both increasing numbers, and some of the higher foreclosure rates overall.”
Foreclosure sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction. Filings denote the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has at least 110-120 days to work with the lender to avoid a completed foreclosure. It is during this period that borrowers work with lenders and housing counselors to work out loan modifications, short sales, or other ways of withdrawing the foreclosure.
The full report is available on the Division of Housing blog: http://www.divisionofhousing.com
Year Foreclosure Filings
2011 (1st Quarter) 8,115
Year Foreclosure Sales
2011 (1st Quarter) 5,605
Contact John Rebchook at JRCHOOK@gmail.com
< class="related_post_title">Related Posts:>