Foreclosure Sales Soar In Colorado

The number of foreclosures in Colorado throughout in April and May 2007 was 10,018. A straight increase by 6.1 percent from the last reported data of the first three months of 2007.Till now, foreclosure filing rates have increased by twenty six percent this year, as per a recent report released by The Colorado Division of Housing. Projections made by state officers represent that the foreclosure count will go up to 36,100 this year. Last year the count was 28434.

A foreclosure sale is the sale of a property at a public auction. A foreclosure sale occurs after 46 to 60 days of initial filing of foreclosure. At this time, the homeowner loses the authority to pay back their default payments and loan amount.

Kathi Williams, director of Colorado Housing Division says that it is very unlikely, looking at the trend, that the count of foreclosure will go down this year. She adds that there are loads of house inventories in the market and probably many more adjustable-rate mortgages will re-adjust in terms of values. According to her, people those who wants to sell their house to make the payments are unable to do so as the market is already flooded with stocks of empty houses, and this is what is accounting for the drastic increase in the foreclosure counts in the city.

As per the data released, Adams and Denver saw the highest number of foreclosure filings this year. Filings in Adams County increased to 1735 from 1457. The increase is by 6.1 percent and in Denver County; the increase is by 9.9 percent, to 2152 from 1941.The data is of the first six months of this year. However, in many other counties, growth was lower for foreclosure filings. In Arapahoe County, foreclosure filings went down by 5.9 percent. However, foreclosure sales increased by 14 percent in the county during the first and second quarters of this year. The same trend followed in Pueblo County with some difference in figures. Filings was lower by 6 percent whereas foreclosure sales increased by 18 percent in the county.

Foreclosures were at their highest pace in Front Range compared to Larimer County and Pueblo County. Foreclosure activity in Boulder County was lower than in any of the counties of Denver metro. The Colorado Division of Housing does not trust RealtyTrac data as a reference, and therefore, they have themselves begun to collect data from county public trustees every quarter. Information regarding foreclosure houses is available on their website.

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