Highlights:
- Foreclosure filings down almost 44%.
- Filings lowest since state began tracking activity in 2007.
- Foreclosed properties are flying off the shelf
Foreclosure filings in Colorado fell 43.6 percent in February from February 2012, one of the benefits of a robust housing market, according to a report released today by the Colorado Division of Housing.
There were only 1,160 foreclosure filings in February, the lowest level since the division began tracking foreclosure activity in 2007.
A year earlier, there were 2,056 filings in the dozen major counties tracked by the division.
Foreclosures at the end of last month were the lowest level since the division began tracking them in 2007.
Foreclosure auction sales showed almost as big of a percentage drop, dropping 41.9 percent to 725, compared with 1,248 in February 2012.
In the first two months of the year, foreclosure filings were down 34.5 percent in 2013 when compared to the same period last year. Foreclosure auction sales were down 31.0 percent over the same period.
Foreclosure filings are the initial filing that begins the foreclosure process. Foreclosure auction sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.
?There are few ways to describe this other than as a big drop off in foreclosure filings,? said Ryan McMaken, an economist for the Colorado Division of Housing.
?It?s getting easier to sell a house to get out of trouble. Low mortgage rates and low inventory continue to be big factors.?
The counties with the largest drop in foreclosure filings on a year-to-date basis, were Douglas and Larimer counties where filings decreased by 44.5 percent and 41.2 percent, respectively.
Broomfield County, on the other hand, reported a 6.1 percent increase in foreclosure filings over the same period. Broomfield County was the only county surveyed to report an increase in foreclosure filings.
All of the 12 counties surveyed showed decreases in foreclosure auction sales during the first two months of this year when compared to the same period last year.
The counties with the largest decreases in foreclosure auction sales, year over year, were Denver County and Jefferson County where auction sales decreased by 46.3 percent and 41.0 percent, respectively. The smallest decreases for the period were found in El Paso and Pueblo counties where auction sales fell 1.9 percent and 20.1 percent, respectively.
The county with the highest rate of foreclosure sales during February was Mesa County with a rate of 1,022 households per foreclosure sale. Pueblo County came in second with 1,351 households per foreclosure sale. The lowest rate was found in Boulder County where there were 6,383 households per foreclosure sale.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.
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Related Posts:>Source: http://insiderealestatenews.com/2013/03/foreclosure-filings-fall-43-6/
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