Another big drop in Colorado foreclosure filings

Denver Business Journal – by Mark Harden

Date: Tuesday, May 17, 2011, 8:22am MDT – Last Modified: Tuesday, May 17, 2011, 8:30am MDT

Colorado officials reported another sharp decline in new foreclosure filings in April for the state’s urban areas from the previous year, but cautioned that foreclosure sales are still trending higher than pre-recession levels.The latest monthly report from the state Division of Housing, released Tuesday, covers Colorado’s 12 largest counties.

It says that new foreclosure filings in urban counties last month totaled 1,933, down 40.1 percent from the same month of 2010.

Between March and April, new filings rose 4 percent. March was a 31-month low for foreclosure filings.

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As for final foreclosure sales at auction, they totaled 1,604 in April in the 12 counties, down 11.2 percent from April 2010, the new report said. Auctions were down 7.6 percent from March 2011.

“It’s now been seven months since new foreclosure filings increased year over year, and three of those months showed drops of 30 percent or more,” Division of Housing spokesman Ryan McMaken said.

“On the other hand, foreclosure sales at auction are actually up in 2011 compared to what we saw during March and April of 2008 and 2009. The filings news is great, but there are still clearly many pending foreclosures left to deal with.”

Last fall, some mortgage servicers started slowing down on processing foreclosures in the wake of controversy over procedures, including allegations that foreclosure paperwork was signed without verification. The result has been a longer span of time between foreclosure filings and auctions in many cases.

All the metro counties saw decreases in new foreclosure filings in the 12 months ending in April.

The Metropolitan Foreclosure Report covers Denver County as well as Adams, Arapahoe, Boulder, Broomfield, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo and Weld counties. Smaller counties are not included in the monthly totals.

Foreclosure filings are the first stage in the foreclosure process, which can either lead to a foreclosure sale of a property several months later or a homeowner avoiding a sale by settling with a lender.

Foreclosure sales figures include properties that revert to the lender as well as sales to a third party.

The state foreclosure data are mostly for homes, but include a small number of commercial properties and vacant land.

Click here to download the full Division of Housing foreclosure report for April on Colorado urban counties, including county-by-county statistics.

The Division of Housing posts foreclosure tallies for urban counties once a month and for all Colorado counties quarterly.

In a separate Division of Housing report released May 5, covering the entire state and giving first-quarter numbers, officials said new foreclosure filings in Colorado were down 27 percent from the same period a year earlier, and foreclosure sales dropped 16 percent.

Read more: Another big drop in Colorado foreclosure filings | Denver Business Journal


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