Foreclosure auction sales in a dozen metropolitan counties in Colorado in August fell to a six-year low, according to a state report released today.
Meanwhile, foreclosure filings were down 1.6 percent on a year-over-year basis in major counties, according to the Colorado Division of Housing. The division tracked foreclosure activity in the counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo and Weld.
Foreclosure auction sales in Colorado?s metropolitan counties were down 10.4 percent in August,? compared with August 2011, falling to 1,341 from 1,497.
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 4.0 percent in 2012 when compared to the same period last year.?Foreclosure auction sales, however, 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 period in 2011.
Foreclosure filings are the initial action that begins the foreclosure process. Auction sales represent foreclosures that have been sold at auctiona at the end of the foreclosure process.
?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,? said Ryan McMaken, a spokesman for the Colorado Division of Housing. ?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. Mesa County, on the other hand, reported a 26.4 percent increase in foreclosure filings over the same period.
Ten of twelve counties surveyed showed decreases in foreclosure auction sales during the first eight months of this year when compared to the same period last year.? The counties with the largest decreases in foreclosure auction sales, year over year, were Douglas County and Denver County where auction sales decreased by 37.9 percent and 37.2 percent, respectively. Broomfield and Pueblo counties reported year-over-year increases in auction sales of 8.3 percent and 1.7 percent, respectively.
The county with the highest rate of foreclosure sales during August was Pueblo County with a rate of 574 households per foreclosure sale. Mesa County came in second with 752 households per foreclosure sale. The lowest rate was found in Boulder County where there were 2,390 households per foreclosure sale.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate.
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Source: http://insiderealestatenews.com/2012/09/foreclosure-auctions-fall-to-6-year-low/
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