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Foreclosure filings in freefall due to “robo-signing” scale-back

Thu, Mar 17, 2011

News

The Colorado Division of Housing reported a 26 percent drop from January to February in new foreclosure filings for the state’s metropolitan counties - but it’s not time to call the end of the foreclosure crisis just yet. The reduction is likely the result of mortgage servicers processing foreclosures at a slower pace due to the ongoing fallout from the “robo-signing” controversy.

“There has been an overall downward trend in foreclosure filings since the end of 2009, but February’s large drop should be at least partially attributed to a change in how foreclosures are being processed,” said Division of Housing Spokesman Ryan McMaken. “It seems that servicers are still proceeding slowly in an effort to avoid more controversy about how they’re processing foreclosures, and this is driving the numbers down quite a bit.”

Foreclosures in El Paso County fell almost 30 percent month-over-month, from 411 in January to 288 in February.

The numbers were down big across the board, with every county in the state except Broomfield seeing a drop of 20 percent or greater in year-over-year comparisons. Below is the percentage change by county from February 2010:

County      February 2010      February 2011      Percent change from February 2010
Adams           395                      313                        -20.8
Arapahoe       498                      302                        -39.4
Boulder          110                      81                          -26.4
Broomfield     24                        24                            0.0
Denver           424                     230                         -45.8
Douglas         237                     115                        -51.5
El Paso           376                     288                        -23.4
Jefferson        327                     232                        -29.1
Larimer          152                     103                         -32.2
Mesa              142                     81                           -43.0
Pueblo           117                     85                           -27.4
Weld              240                    132                          -45.0
Total         3042              1986                   -34.7

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