Posted by Kari on December 17, 2011 01:36
Colorado experienced 28.6 percent fewer foreclosure filings year-over-year in the first 11 months of 2011, according real estate data from the Colorado Division of Housing.
Filings totalled were 23,556 during that period, the agency indicates, down from 32,982 in 2010. New filings dropped from 2,932 in the first 11 months of 2010 to 2,296 in the same period this year.
"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 increases in new foreclosure activity, Colorado is still going to end 2011 with far fewer foreclosures than it saw during 2010," said Colorado Division of Housing spokesman Ryan McMaken.
He noted the slowdown, which began in fall 2010 and continued through the following summer, was caused largely by lenders initiating a slowdown in foreclosure processing. The effects of that decision, according to McMaken, have largely worn off at this point.
Foreclosure auctions also decreased, dropping more than 20 percent from 18,727 in the first 11 months of 2010 to 14,854 during the same period this year. Colorado was struck fairly hard by foreclosures and distressed properties, so this change is a significant improvement for the state's housing market.
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