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Trustee: Foreclosures and releases down

Thu, Mar 1, 2012

News

Foreclosure stars in El Paso County rose slightly from 285 in January to 301 in February, according to El Paso County Public Trustee Tom Mowle’s monthy foreclosure report.

Monthly foreclosure starts have remained within a fairly narrow range since August of last year, averaging 315 per month during these past seven months, Mowle writes.

Foreclosure starts are down from 2011 averages and have been steadily declining.

Deed releases, which occur when a homeowner pays off a mortgage through time, refinancing or a home sale, are down about 10 percent year-to-date from the first two months of 2011. The number of deed releases in 2011 was the lowest in a decade, according to the trustee report.

“Releases will increase, reflecting private-party home sales, as the inventory of homes that have been through foreclosure drops and the overall economy improves,” Mowle writes.

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