Colorado Foreclosure Drops to 6 Year Low

Foreclosure auction sales fell in Colorado Springs and dropped to a six-year low statewide.

There were 25.2 percent fewer foreclosure sales at auction in El Paso County in July 2012 than in July 2011, according to a report from the Colorado Division of Housing.

That drop was in line with state figures, where foreclosure auction sales dropped 23.7 percent.

New foreclosure filings were up 14 percent statewide year-over-year in July, but only 4.9 percent for the first seven months of the year.

El Paso County Public Trustee Thomas Mowle reported earlier this month that the Pikes Peak region saw about 6 percent more new foreclosure filings year-over-year in July, which puts the county on pace to have more foreclosure filings in 2012 than it had in 2011.

“I don’t think that pace will be sustained for the rest of the year,” Mowle said in his report.

He has said he believes there is a push to file foreclosures before elections in November when some ballot measures could change certain foreclosure regulations and document requirements.

While new filings are up, those foreclosures going all the way to auction have declined by 28 percent for the first seven months of the year, according to the state report.

“There were fewer than 900 auction sales during July, which is a long way from zero, but back in 2007 and 2008, we often saw more than 2,000 completed foreclosures in a single month,” said Ryan McMaken, spokesman with the Colorado Division of Housing. “New foreclosure filings are down quite a bit also but numbers have been flat so far this year.”

Boulder County saw the biggest decrease in foreclosure sales at auction, with 41.1 percent fewer properties going to sale. Pueblo and Mesa Counties saw the smallest decreases, with 6.3 and 8.4 percent drops respectively.

by Amanda Miller, Colorado Springs Business Journal

Published: August 14,2012

Time posted: 10:11 am

Tags: Colorado Springs, El Paso County, foreclsure, Sales