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New foreclosure starts rise

Fri, Sep 2, 2011

News

Foreclosure starts in El Paso County rose dramatically in August to the highest level this year.

There were 334 new foreclosures filed with the El Paso County Public Trustee in August, up from just 238 in July.

Trustee Tom Mowle wrote in a statement that the spike in new foreclosure filings did not come as a surprise.

“I believe the increase this month is due to a combination of three factors,” Mowle writes. “The foreclosures that had been held up by the banks for extra review of the paperwork are finally being filed; the final wave of creative loans are expiring (you may recall I projected an increase in the latter part of this year); and the rather mundane fact that we had 23 workdays in August, compared to 20 in June.”

While foreclosure starts are the highest they’ve been since January, Mowle added that they are still lower than they were in 2009 and 2010 when the slowest foreclosure months still clocked 350.

The trustee’s web site reports that there were 427 foreclosure starts in August, 2010, which means new foreclosures are down as much over last year as they are up over last month.

While foreclosure filings are up, so are title releases, which occur when some sells a home, pays off the loan or refinances.

“Again this may largely be due to the increased number of workdays in the month,” Mowle wrote at the end of August, “as our current total is almost exactly the same as last month’s based on the same number of days.”

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