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Trustee: Foreclosures and deed releases bring good news

Mon, Jun 4, 2012

News

Real estate activity is on the rise, and foreclosures are continuing to slip, according to the El Paso County Public Trustee’s monthly report.

The office released 3,332 deeds of trust, which happens when a homeowner pays off a mortgage over time, through a private sale or by refinancing. That is right around the monthly average for the year to date, public trustee Tom Mowle said.

The total number of deed releases for the year is 1,6251, which is up 12 percent over last year and the highest number of releases in a five-month period since 2007.

Mowle said the number of deed releases is a good indicator of real estate market health because the majority come from private party real estate transactions.

While Mowle reported another drop in new foreclosure filings, the news there isn’t as rosy.

Mowle’s office started 278 foreclosures in May, a bit lower than in April. Year-to-date there have been 1,437 foreclosure filings this year. That’s down 4 percent from the same time last year.

“If our rate remains stable for two more months, we will actually be running ahead of last year’s pace,” Mowle said. “Our expectation remains, however, that foreclosure filings will drop off in the last few months of this year and that the 2012 total will be lower than 2011’s.”

 

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