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Trustee report: Foreclosure starts fall to 2007 levels

Fri, Dec 2, 2011

News

The total number of foreclosures in 2011 is on target to drop down to 2007 levels, according to the El Paso County Public Trustee’s report.

Foreclosure starts, mortgages that enter the foreclosure process, are down almost 33 percent year-to-date from 2010 and are at their lowest since 2007.

Some of that slowdown could be due to increased efforts from banks to carefully process foreclosures after controversy over so-called robo-signing early in the year when lenders were accused of rushing foreclosure documents through without trying to work with borrowers.

Public trustee Thomas Mowle said the last of the adjustable rate mortgages from the housing boom are also starting to come through.

Bothe the number of foreclosures and the number of deed releases dropped from October to November, but Mowle said that’s largely due to fewer working days in the month.

The number of deed release, properties that are sold, refinanced or paid off, has dropped to it lowest total since 2000, Mowle writes in his report.

That number is a reflection on the health of the housing market, he said.

MONTH   *2008 *  2009 * 2010 * 2011

JANUARY  * 271 *  356 * 365 * 411

FEBRUARY  *457 * 450 * 376 *  288

MARCH   * 488 * 486 * 470 * 272

APRIL * 480 * 539 * 477 * 276

MAY  *372 * 468 * 382 * 254

JUNE  *463  * 380 * 350 * 242

JULY  * 363 * 530 * 353 * 238

AUGUST * 253 * 444 * 427 * 334

SEPTEMBER * 258 * 453 * 377 * 300

OCTOBER * 449 * 434 * 389 * 338

NOVEMBER * 325 * 370 * 430 * 289

DECEMBER  *  423 * 560 * 432

YEAR-TO-DATE * 4,602 * 5,470 * 4,828 * 3,242

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