Thu May 5, 2011

Foreclosures Drop Dramatically in Front Range Counties

Foreclosures in Colorado have fallen to their lowest levels in more than two years.  But not all regions are seeing improvement.

For 2011’s first quarter, new foreclosure filings fell 27% from the same time a year ago, and the number of foreclosed homes being sold at auction dropped by 16%.  But the dramatic decline is mostly confined to the more populated counties along the Front Range.

“If we look in the mountains, if we look on the Western Slope, we do find in those areas foreclosure filings - and especially foreclosure sales at auction - continue to increase, or at least haven’t come down any from their peaks,” says Division of Housing spokesman Ryan McMaken.

Statewide, foreclosure filings are at their lowest level since the third quarter of 2008, and have fallen almost 35% from their 2009 peak. McMaken says it’s a positive sign, but he cautions that lenders and mortgage companies are expected to begin speeding up the processing of existing foreclosures - which means the number of sales at auction is likely to go up again in the coming months.