Foreclosure filings down 28 percent statewide, unchanged in Larimer County

Foreclosure sales at auction in Colorado increased year over year last month for the first time in 14 months, but both filings and sales remain down by more than 20 percent so far this year.

According to a report released Tuesday by the Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were up 7.9 percent in November compared to November of last year. However, comparing the first 11 months of this year to the same period last year, foreclosure filings were down 28.6 percent through November while foreclosure auction sales were down 20.7 percent.

From October 2011 to November 2011, statewide foreclosure filings fell 2.3 percent, and foreclosure sales at auction rose 37.5 percent.

In Larimer County, the number of new foreclosure filings remained nearly unchanged from October to November, with 104 filed in October and 105 in November. Following the statewide trend, foreclosure sales were up 10 percent, with 68 completed in October and 75 in November.

Year-over-year, foreclosure filings in the county dropped more than 37 percent while sales were up 47 percent. Year to date, Larimer County filings dropped 27 percent and sales dropped 12 percent compared to the first 11 months of 2010.

“It looks like the big decreases in foreclosure filings that we saw during the first half of the year are behind us, but even with some recent mild increases in new foreclosure activity, Colorado is still going to end 2011 with far fewer foreclosures than it saw during 2010, said Ryan McMaken, a spokesman with the Colorado Division of Housing. “From last fall through last summer, foreclosure activity was really pushed down by a lender-initiated slowdown in foreclosure processing, but the effects of that seem to be lessening now.”

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the 12 largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in the state.

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