Statewide foreclosures drop below 2007 levels

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Statewide foreclosure filings have fallen to their lowest levels since the Colorado Division of Housing started collecting foreclosure data n 2007.

arrow-downNew filings in metro counties fell 43.6 percent year over year in February, according to a report from the Division of Housing. And foreclosure sales at auction fell 41.9 percent.

The improvement in the foreclosure scene statewide is a good indicator of improving health for the real estate market as a whole, said Ryan McMaken, an economist for the Colorado Division of Housing

“There are few ways to describe this other than as a big drop off in foreclosure filings,” McMaken said in a statement. “It’s getting easier to sell a house to get out of trouble. Low mortgage rates and low inventory continue to be big factors.”

Larimer and Douglas counties saw the biggest decrease in the number of new foreclosure filings during the first two months of the year compared to the first two months of 2012 – 41.2 and 44.5 percent respectively.

Denver and Jefferson counties saw the biggest decrease in sales at auction during the same period – 46.3 and 41 percent.

El Paso County only saw a 1.9 percent decrease in the number of auction sales.

Mesa County had the highest foreclosure rate at 1,022 households per foreclosure sale. Boulder County had the lowest foreclosure rate with 6,383 households per foreclosure.