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County foreclosure sales dropping, but not as fast as state

Thu, Nov 8, 2012

News

Foreclosure sales at auction were down 9.9 percent in Colorado Springs during the third quarter of 2012, according to a state report.

While a significant year-over-year improvement, the 9.9 percent doesn’t keep up with the state average, where foreclosure sales at auction dropped 23.6 percent year over year.

An new foreclosure filings in El Paso County were up 6.1 percent year over year. But statewide, they were down 2.2 percent, according to the report from the Colorado Division of Housing.

“Completed foreclosures continue to head down at a steady pace,” economist for the Colorado Division of Housing Ryan McMaken said in a statement. “As home sales and home prices, rise, it’s getting a little easier to avoid that final foreclosure sale through a short sale or even a conventional sale.”

But the improvement he’s seeing statewide isn’t happening everywhere. Some of the mountain counties are still seeing increases in both new foreclosure filings and foreclosure sales at auction, according to the report.

“Employment is now showing up as an important factor in driving down foreclosure rates in some areas,” McMaken said. “Boulder and Larimer counties, where the unemployment rates are among the best in the state, are seeing some of the biggest declines in foreclosures and foreclosure rates right now.”

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