Colorado Foreclosures Continue Downward Trend
New data from the Colorado Division of Housing shows foreclosure filings and sales at auction dropped significantly in the first half of the year.
Statewide, new filings fell 28%, to 15,348. Although some of the decrease is due to banks processing foreclosures more slowly, housing officials believe fewer people are falling behind on their payments compared to a few years ago.
“As we move farther and farther beyond the financial crisis of 2008, you’re not looking at as many people who bought near the top of the bubble and then found themselves severely underwater,” says Division of Housing spokesman Ryan McMaken. “So there’s a lot of factors that have gone into reducing the number of people who live, really, right on the edge of foreclosure.”
Today’s report shows new foreclosure filings were down in nearly every county. But McMaken says that while completed foreclosures also fell in about half of Colorado’s counties – mainly along the Front Range – sales at auction were up in counties in the northern mountains and on the Western Slope.