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Foreclosures sales hit 5-year low

Foreclosure filings were up in Colorado during May, but foreclosure auction sales fell to a five-year low, according to a state report released today.

The Colorado Division of Housing report showed that  foreclosure filings in Colorado’s metropolitan counties were up 12.8 percent last month compared to May of 2011, rising from 2,002 to 2,259.

Foreclosure auction sales, however, were down 17.3 percent, falling to the lowest May sales total recorded since 2008.

Among the counties surveyed, there were 965 foreclosure auction sales during May of this year, compared to 1,167 sales during May of last year.

For the first five months of the year, foreclosure filings were up 1.7 percent in 2012 when compared to the same period last year. Foreclosure auction sales, however, were down 27.1 percent over the same period.

Foreclosure filings are the initial filing that begins 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.

“Foreclosure auction sales have now been down nineteen of the last 20 months, comparing year over year, and for now, we can say that fewer people have been losing their homes to foreclosure this year when compared to other years since 2007,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “On the other hand, filings continue to rise, and since some of those filings will turn into re-possessed homes in the future, we can see that foreclosures haven’t gone away yet.”

Comparing the first five months of this year with the same period last year, the county with the largest decline in foreclosure filings was Boulder County where filings decreased by 16.4 percent. Mesa County, on the other hand, reported a 21.1 percent increase in foreclosure filings over the same period.

Eleven of 12 counties surveyed showed decreases in foreclosure auction sales during the first five months of this year when compared to the same period last year.

The counties with the largest decreases in foreclosure auction sales, year over year, were Denver County and Douglas County, where auction sales decreased by 39.6 percent and 38.9 percent, respectively. Broomfield County reported an increase of 36.7 percent in auction sales, while Pueblo’s auction sales fell only 3.3 percent from 2011 to 2012, comparing the first five months of the year.

 The county with the highest rate of foreclosure sales during May was Mesa County with a rate of 852 households per foreclosure sale. Pueblo County came in second with 1,002 households per foreclosure sale. The lowest rate was found in Boulder County where there were 6,289 households per foreclosure sale.

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