Foreclosure free fall

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Highlights:

  • The Colorado Division of Housing releases foreclosure report.
  • Foreclosure levels lowest since state began tracking them.
  • Foreclosures now at a “normal” rate.

Foreclosure filings fell 55.2 percent in Colorado metro counties in October, hitting the lowest level recorded in any month since the state began collecting monthly totals in 2007, according to a report released on Monday.

The Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were down 68.7 percent in October compared to October of last year, dropping from 1,399 to 438.  Over the same period, foreclosure filings dropped from 1,880 to 843.

For the first 10 months of the year, foreclosure filings were down 47.2 percent in 2013 when compared to the same period last year. Foreclosure auction sales were down 41.7 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.

“October’s drop was the largest year-over-year decline we’ve seen in the seven-year history of the report,” said Ryan McMaken, an economist for the Colorado Division of Housing.

“Foreclosure activity is quickly moving toward what we consider to be a ‘normal’ rate.”

Comparing the first 10 months of this year with the same period last year, the counties with the largest drops in foreclosure filings were Douglas, Boulder, Broomfield, and Arapahoe counties, which all reported year-over-year drops of 50 percent or more.

All counties surveyed reported declines for the first ten months of this year compared to the same period last year. The smallest decline in foreclosure filings was in Pueblo County where filings fell 30.6 percent, year over year.

All counties surveyed showed decreases in foreclosure auction sales during the first 10 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 Adams County where auction sales decreased by 51.4 percent and 49.4 percent, respectively

Pueblo County, which reported the smallest decline over the period, reported a decrease of 27.0 percent.

The county with the highest rate of foreclosure sales during October was Mesa County with a rate of 846 households per foreclosure sale. Pueblo County came in second with 1,355 households per foreclosure sale. The lowest rate was found in Boulder County where there were 10,273 households per foreclosure sale.

 

CountyOctober 2012October 2013Year-over-Year Change
Adams18155-69.6%
Arapahoe18738-79.7%
Boulder4312-76.5%
Broomfield174-82.8%
Denver19233-60.2%
Douglas8333-65.8%
El Paso19968-71.9%
Jefferson14641-75.8%
Larimer6215-21.8%
Mesa8869-21.6%
Pueblo 8147-80.8%
Weld12023-80.8%
Total1,399438-68.7%

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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