Foreclosure sales and filings slow

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Statewide foreclosure sales in 2012 dropped 18.9 percent from the 2011 total.

There were 15,903 completed foreclosures in 2012, according to the Colorado Division of Housing. There were 19,617 in 2011.

New foreclosure filings also fell 10.6 percent from 31,975 in 2011 to 28,579 in 2012.

“Foreclosures in 2012 basically dropped back down to 2006 levels,” said Ryan McMaken, economist for the Colorado Division of Housing. “There are also many more households now than in 2006, so if you adjust the foreclosure rate for the population growth, we’re almost back at 2005 levels.”

Other than Pueblo County, all of the 12 metropolitan counties in the state reported year-over-year declines in foreclosure sales. Douglas and Larimer counties saw the biggest drop with 32.8 and 28.5 percent respectively. Pueblo had a 1.4 percent increase in foreclosure sales.

Of the 64 counties in the state, 15 reported increases in foreclosure sales. Most of tehm were in mountain communities like Fremont, Montezuma and Moffat counties.

“Employment continues to be a major factor,” McMaken said. “It’s not the only factor, but it’s not a big surprise that counties with lower unemployment rates are generally seeing foreclosures go away faster.”