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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
Thu, Mar 17, 2011
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