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Foreclosures are on the rise in the Colorado metro area

Foreclosure starts have jumped up 21% in August on a month-over-month basis, according to the latest number released by the Colorado Division of Housing.  This increase is boosting the statewide foreclosure starts to 15.7%, as highlights by the press release.

This trend is in line with earlier expectations, said Colorado Division of Housing spokesman, Ryan McMaken. He also emphasized that this is due to the foreclosure moratorium that created a huge foreclosure backlog and now has banks moving to clear this as soon as possible. However, only foreclosure starts are rising as completed foreclosures have dropped significantly, reflecting last year’s low foreclosure filings.

On a year-over-year basis, foreclosures remained about the same in Weld County for the month of August, as the county clerk has recorded 149 filings in 2011 and 150 in August 2012. However, looking back to the first eight months of the year, the total foreclosure starts has hit 1,161 housing units in Weld County.

On a wider picture, the Colorado metro area has seen a 4% rise in foreclosure filings for the past eight months as the same report issued by the Colorado Division of Housing highlights.

On the other hand, there is some good news for homeowners: auctions have dropped more than 25% during the same timeframe. The overall Colorado metro area has recorded a 1.6% drop in foreclosure filings last month and foreclosure auctions have dropped to their 60-month low, according to the press release.

To put that into numbers, foreclosure auctions have fallen from 1,497 to 1,341 in August on a year-over-year basis, or 10.4%, while foreclosure filings have declined to 2,287 housing units compared to 2,325 units in August a year ago.

Dissecting this into counties, the biggest drop in foreclosure starts has been recorded in Weld and Boulder counties, where filings have dropped 8.3% and 8.6% respectively. However this wasn’t the overall trend as foreclosure filings spiked a significant 26.4% in Mesa County, during the same January to August period this year.

Denver and Douglas counties have recorded their biggest drop in foreclosure auction sales on a year-over-year basis.  Denver has seen auctions drop 37.2%, while Douglas County recorded a 37.9% decline.

August was the best month for bargain hunters in Pueblo County, as one in every 574 housing unit was a foreclosure sale.  This is the highest foreclosure rate in the Colorado metro area. Mesa County ranked second, with one in every 752 housing unit, and Boulder County reported the lowest foreclosure rate with one in ever 2,390 housing units per foreclosure sale.

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