Colorado will have fewer foreclosures than last year as 2011 draws to a close. It’s a trend that is echoed in El Paso County, where foreclosures have fallen 26 percent year to date from 2010 levels.
November was the exception, with a statewide foreclosure sales rate higher for the first time in 14 months – a trend that also included El Paso County, according to a report released by the Colorado Division of Housing. However,filings and sales remains down by more than 20 percent so far this year.
“It looks like the big decreases in foreclosure filings that we saw during the first half of the year are behind us, but even with some recent increases in new foreclosure activity, Colorado is still going to end 2011 with far fewer foreclosures than it saw during 2010,” division spokesman Ryan McMaken said. “From last fall through last summer, foreclosure activity was really pushed down by a lender-initiated slowdown in foreclosure processing, but the effects of that seem to be lessening now.”
Foreclosure auction sales in Colorado’s metropolitan counties were up 7.9 percent in November compared to November of last year. However, comparing the first 11 months of this year to the same period last year, foreclosure filings were down 28.6 percent through November while foreclosure auction sales were down 20.7 percent, according to the division report.
New foreclosure filings fell year over year during November with total filings dropping 21.7 percent from 2,932 filings in November 2010 to 2,296 filings in November of this year. Foreclosure auction sales increased during the same period from 1,195 to 1,290.
From October 2011 to November 2011, foreclosure filings fell 2.3 percent, and foreclosure sales at auction rose 37.5 percent.
Foreclosure auction sales through November fell year over year from 2010’s 11-month total of 18,728 to 14,854 during the same period this year. Foreclosure filings were also down through November, falling to 23,556 filings year-to-date this year from last year’s eleven-month total of 32,982.
Year-to-date through November, Mesa County and Denver County had the lowest foreclosure rates. where filings decreased by 35.2 percent and 32.2 percent, respectively. El Paso County saw more foreclosure filings than Denver County.
Pueblo County reported the smallest decline in filings with a decrease of 12.5 percent from the first 11 months of 2010 to the same period this year. All counties surveyed reported year-over-year decreases in foreclosure filings.
For the first 11 months of this year, all counties also showed decreases in foreclosure auction sales when compared to the same period last year.