Colorado Foreclosure Filings Increase in Twelve Largest Counties
Supply is beginning to catch up with demand in the Denver real estate market. According to a report by the Department of Local Affairs’ Division of Housing, foreclosure filings in Colorado's 12 largest counties rose 7% in February, as compared to the same month a year ago. Additionally, foreclosure sales at auction increased 14% during the same period, but remain down 14% from February 2008, according to the same report.
Analysts say that the increase is likely because lenders phased out moratoriums that previously slowed the number of foreclosures. Those foreclosures are now hitting the market. Most agree that these numbers do not reflect a deterioration of the market, just a reflection of the low numbers while the moratoria were still in place.
The largest increase in foreclosures was in Mesa County, where filings rose 223% from the same time last year. Experts believe that Mesa County is just now starting to catch up to the rest of the counties in Colorado because of a recent sharp decline in demand for housing. El Paso and Larimer counties posted the largest decreases in filings from February 2009 to February 2010, declining 16% and 2%, respectively.
When it comes to foreclosure sales, Adams, Denver, and Weld counties saw the greatest drops from February 2009 to February 2010, where sales fell 17%, 18%, and 20%, respectively. The largest increase in foreclosure sales was in Mesa County, which reported an increase of 362%.
Now that the banks are becoming more receptive to working with homeowners on foreclosure alternatives, industry professionals say the number of foreclosures should flatten out. Of course, this depends on the bank and their loan volume, which determines how quickly they’re able to process loan modifications or short sales.
Are you considering jumping into the Denver housing market? Are you already a Denver homeowner trying to avoid foreclosure? Whatever your real estate needs, give the experts at the Bandy Team a call - we are ready, willing, and able to help you! We are your local Denver housing market specialists.
Marianne Bandy
Look for a home in the Denver Highlands neighborhood
Marianne Bandy
The Bandy Team - RE/MAX Professionals
Denver, Colorado
303-746-7799
www.DenverAvoidForeclosure.com