Colorado Foreclosures Continue Downward Trend
New foreclosures filings continue to fall in Colorado’s largest counties. But state officials are still concerned about the relatively high number of completed foreclosure sales.
A new report from the Colorado Division of Housing shows new foreclosure filings in the state’s 12 largest counties were down 40% last month compared with April 2010. Completed foreclosures fell by 11% statewide. It’s now been seven months without a year-over-year uptick in new filings. But that’s only part of the picture, says Division spokesman Ryan McMaken.
“When I look at the number of foreclosures at auction – the number of actual homes that proceed to the sale at the end of the foreclosure process – those numbers aren’t really going anywhere. They’ve basically been very similar for the last three years.”
McMaken says that’s because there’s still a large inventory of pending foreclosures from 2008 and 2009 to be worked through. Numbers vary across the state, with Pueblo, Boulder and Jefferson counties all showing increases in completed foreclosures over the same time a year ago. Weld County saw the largest drop in foreclosure sales, at 39%.