The survey of 11 of the largest counties in Colorado by Ryan McMaken of the Colorado Division of Housing indicates that many counties showed the most activity for [...]]]> Foreclosure filings picked up in July, and fell back by about 8.5 percent in August, shows a survey of some of the largest counties in Colorado.

The survey of 11 of the largest counties in Colorado by Ryan McMaken of the Colorado Division of Housing indicates that many counties showed the most activity for foreclosure filings in more than a year in July.

However, the good news is that the number of foreclosure sales  by public trustee offices from Adams to Pueblo counties,  is far smaller than the number of new filings.

In other words, just because a home enters the foreclosure process, does not mean it will be sold at an auction. It might end up as a short sale, or maybe the owner will be able to work out a more favorable payment schedule with the lender, in order to keep their house.

“I think we can take some credit for that with  the Colorado Foreclosure Hotline, (1-877-601-HOPE),” McMaken told me. “I think the diminished number of sales indicates the success of the hotline, as well as other efforts.”

McMaken’s report shows that in July, there were 3,610 foreclosure filings in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Mesa, Pueblo and Weld counties. That number dropped to 3,301 in August.

McMaken has yet to hear back from Larimer County, but the foreclosure filings will not have a huge impact on the overall numbers.

Statewide, Colorado is on track to have in the neighborhood of about 40,000 foreclosure filings this year, a record.

The third quarter will likely see over 10,000 new filings and more than 4,000 sales.

The number of foreclosure sales tell a different story.

“Overall, sales have never (reached) the levels seen during the second half of 2007 and the first quarter of 2008,” McMaken said.” Both filings and sales have slowly increased near to levels during that period, but have still not topped them.”

There were 1,779 foreclosure sales in the 11 counties McMaken tracked in July, which is 49.3 percent of the 3,610 new filings. And there were 1,305 sales in August, 39.5 percent of the number of new filings that month.

However, it is important to note that the sales are not the same homes that entered the foreclosure process in that month. Rather, they are  homes that began the foreclosure process many months in the past, since the foreclosure process is such a long and complicated ordeal.

“Many of these sales were homes that entered the process more than a year ago,” McMaken said.

Despite the drop in filings in August from July, McMaken said it is too early to say that the foreclosure crisis in Colorado has hit bottom.

“I don’t know,” he said. “Rising unemployment could mean another wave of foreclosure filings.”

He said several people told him today that they expect a surge in foreclosures in the spring. They typically taper off in the fourth quarter, for seasonal reasons and because the public trustee offices do not open new foreclosures during the Thanksgiving and Christmas weeks.

Foreclosure filings

County	July	August
Adams	490	537
Arapahoe	590	554
Boulder	145	132
Broomfield	34	27
Denver	634	550
Douglas	222	284
El Paso	390	301
Jefferson	390	301
Mesa	130	116
Pueblo	137	98
Weld	308	258
Total	3,610	3,301

Foreclosure Sales

County	July	August
Adams	308	206
Arapahoe	279	228
Boulder	53	40
Broomfield	14	6
Denver	262	252
Douglas	102	70
El Paso	278	195
Jefferson	171	116
Mesa	36	26
Pueblo	86	49
Weld	190	117
Total	1,779	1,305

Source: Ryan McMaken, Colorado Division of Housing

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