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Trustee: Market returning to normal

Mon, Dec 3, 2012

News

Deed releases and new foreclosure filings are back to historically “normal” levels, according to El Paso County Public Trustee Tom Mowle.

His office only processed 212 new foreclosure starts in November. That’s the lowest monthly total since December 2006.

“We have been expecting this drop for some time now,” Mowle writes in his monthly report, “as the creative loans of the last decade work their way out of the system and the economy continues to not get worse.”

El Paso County was the last of the 11 large counties in the state to see foreclosures drop and the only county whose third quarter average foreclosures was higher than the previous two quarters.

Mowle’s office released 4,307 deeds, which happens when homeowners pay off their mortgage loans either through sales, time or refinancing. That’s the highest number of deed releases since August 2009 and releases are now about 30 percent ahead of 2011.

Mowle said it’s likely the trends will continue as there are fewer homes in risk of foreclosure, home prices go up and interest rates stay low.

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