Posted on August - 06 - 2010
Foreclosure trends are improving in Colorado
As property analysts continue to issue conflicting reports regarding the likely future of the American real estate market, results for the second quarter of 2010 for the State of Colorado appear to confirm an overall positive trend.
Foreclosures are down to their lowest point for twelve months in most of Colorado, including Aurora, Arapahoe and Adams Counties, according to figures just released by the State Division of Housing. The 10,233 first notifications in the second quarter were 16% down year-on-year, and 8% below the previous quarter too. According to State Housing Community Relations Director Ryan McMaken, this is a trend that is likely to continue in a “steadily downward” direction.
“It’s down year over year, quarter over quarter, it’s the lowest number in about six quarters, so clearly the trend seems to be downward right now,” McMaken told me. “Every way we split it up, it’s down by every measure.”
In Arapahoe County, the 1,303 foreclosures for the second quarter of 2010 represented an 18% improvement. Adams County results were even better with a fall of 26% recorded.
“That doesn’t mean the foreclosure problem is gone for Adams and Arapahoe counties, it just means they’re not seeing anywhere near the new activity and run up of new numbers they saw a few years ago,” McMaken added. “The trend ]has] really moderated.” Both Counties were seriously affected by repossessions from 2006 through to 2001.
In Aurora County, Vacant Property Coordinator Jeff Hancock expects the second quarter improvement to be around 21%., or down to 1,408 from 1,795 year-on-year. He is not sure, though, whether the trend downwards will continue. “The numbers can really spike or decrease month by month,” he explained, “so you get a better idea by looking at it for a longer period of time. You never really know how the rest of the year goes with the economy and unemployment,” he added, “but we’re hoping that we’ve seen the worst of it.”
Foreclosure filings in the State of Colorado dropped 5.5% in the first six months of 2010 when compared to the first half of 2009. A total of 5,885 foreclosure auctions were recorded during that time, representing the same number of American homes sadly lost. This was nearly 18% up year-on-year from 2009 – which is a ratio to be carefully interpreted in the light of the self-imposed foreclosure moratorium placed by banks at that time. Colorado has continued to report between 5,000 and 6,000 foreclosure auction sales per quarter since 2006, officials at the State Housing Division told me.
This all appears to add up to encouraging news for households in the Centennial State. Would you like to find foreclosed homes to buy there? Then visit www.foreclosuredatabank.com.
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