According to a recent report, foreclosure auction sales in twelve metropolitan counties in Colorado in August fell to a six-year low. Additionally, according to the Colorado Division of Housing, foreclosure filings were down 1.6 percent. The division tracked foreclosure activity the following metro counties: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo and Weld.
Foreclosure auction sales in Colorado’s metro counties were down 10.4 percent in August, compared with August 2011. During the same period, foreclosure filings fell to 2,287 from 2,325.
For the first eight months of the year, foreclosure filings were up four percent in 2012 when compared to the same period last year. However forclosrue auctions sales were down 25.7 percent over the same period. There were a total of 8,541 auction sales in the first eight months of this year, compared with 11,502 during the same time last year. Foreclosure filings are the initial action that begins the foreclosure process. Auction sales represent foreclosures that have been sold at auction at the end of the foreclosure process.
Ryan McMaken, a spokesman for the CDH said, “With all of the slowdowns and administrative delays that pushed foreclosure filings down so far last year, I expected a larger increase in filings this year that we’re seeing. Instead, new foreclosures are only up slightly this year, while completed foreclosures really dropped off, reflecting last year’s big drop in new filings.”
Comparing the first eight months of this year with the same period last year, the counties with the largest declines in foreclosure filings were Weld and Boulder counties where filings decreased by 8.3 percent and 8.6 percent, respectively.
Ten of twelve counties surveyed showed decreases in foreclosure auction sales during the first eight months of this year when compared to the same time in 2011. The counties with the largest decreases in foreclosure auction sales were Douglas County and Denver County where auction sales decreased by 37.9 percent and 37.2 percent, respectively.