Report: Colorado May foreclosures down 31 percent

Filed under: Daily News,Real Estate |

Foreclosure RatessForeclosure filings were down 31.4 percent in Colorado last month, falling since last year to the lowest level seen in May since 2007, according to a report by the Colorado Division of Housing.

The number of filings dropped from 1,113 to 763 between May 2013 and May 2014.

“We’re looking at an eight-year low for May foreclosures, and both filings and sales have fallen, year over year, for the past 19 months,” said Ryan McMaken, an economist for the Division of Housing. “The downward trend is likely to continue as long as employment is stable and we continue to see rather low mortgage rates.”

Filings in El Paso County were down 15.6 percent from April and had decreased by 14.5 percent since May 2013, according to the report. There were 141 foreclosures filed in El Paso County last month.

The Division of Housing also reported Wednesday that foreclosure auction sales in the state’s metropolitan areas were down 45 percent compared to last May, falling from 720 to 396 (470 in April).

El Paso County saw a decrease in foreclosure sales of 6.8 percent, falling from 88 in April to 82 last month. That same statistic dropped 14.5 percent — 165 to 141 — from May 2013.

The full report is available on the Colorado Division of Housing blog: