Foreclosures Falling Fast In Colorado

Dated: 06/05/2014

Views: 703

Foreclosure filings were down 24.7 percent in Colorado during the first quarter of 2014, compared to the first quarter of 2013, according to a state report released today.

The report by the the Colorado Division of Housing showed there were 3,441 foreclosure filings reported from January through March of 2014, compared to 4,571 during with the first quarter of 2013.

Foreclosure auction sales, or completed foreclosures, also fell significantly over the same period, dropping 41.5 percent from 2013’s first-quarter total of 2,935 to this year’s first-quarter total of 1,718.

 Although foreclosure activity was down year-over-year, filings and sales increased from the fourth quarter of 2013 to the first quarter of 2014.

 Foreclosure filings rose 15.4 percent from 2013′s fourth-quarter total of 2,981 to 2014′s first-quarter total of 3,441. Foreclosure sales rose 4.1 percent from 1,650 to 1,718 over the same period.

 “Foreclosures have been rising from late 2013′s very low totals,” said Ryan McMaken, economist for the Colorado Division of Housing.

“But the increases are rather small and foreclosure totals remain near 10-year lows,” McMaken added.

 Of the state’s 12 metropolitan counties, only El Paso County reported a year-over-year increase in foreclosure filings.

 Filings increased 6.4 percent from the first quarter of 2013 to the first quarter of 2014, rising from 549 to 584.

 The counties with the largest declines in foreclosure filings were Boulder County and Broomfield County with drops of 32.3  percent and 61.0 percent, respectively.

When adjusted for population size, the counties with the highest foreclosure rates during the first quarter were all found outside the Front Range, and Mesa County was the only metropolitan county in the top 10.

 The top five counties for the proportion of homes that were in foreclosure during the first quarter were Bent, San Juan, Teller, Las Animas, and Mesa.

 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.

Denver Colorado Realtor -Michael Steffen Michael is a motivated realtor specializing with investors and new home buyers located in the following areas; DenverArvada Aurora Bennett Byers Castle Pines Castle Rock Centennial Cherry Hills Village Columbine Valley Deer Trail Denver Elbert Englewood Franktown Greenwood Village Highlands Ranch Larkspur Littleton Lone Tree Parker Sedalia Sheridan Strasburg WatkinsWheat Ridge, Lakewood, Castle Rock, Thornton, Westminster, Evergreen, Golden. Michael Steffen 

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Michael Steffen

My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area. I specialize in advanced marketing, buying, selling and investing for seasoned, as well as first time....

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