BoCo foreclosure rate lowest in Colorado

BOULDER – Boulder County posted the lowest third-quarter foreclosure rate of Colorado’s 12 metropolitan counties just as the state as a whole is on pace to hit a 10-year low for foreclosures for the year.

The data comes from a report released Thursday by the Colorado Division of Housing.

Boulder County had just 32 foreclosure sales in the third quarter, or one for every 3,853 households. Only six mostly rural counties could claim better. Broomfield County wasn’t far down the list, with 17 sales, or one for every 1,315 households. Grand County had the highest rate, with its 24 sales accounting for one of every 256 households.

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Boulder County had a 55 percent decrease in foreclosure filings versus the third quarter a year ago, from 214 to 97, and a 66 percent decrease in sales – 32, down from 94.

Foreclosure filings, or notices of election and demand, mark the beginning of the foreclosure process. They’re generally filed when a borrower is at least three months late on payments and is in default. Not all foreclosure filings, however, end up in a foreclosure sale if they are cured or withdrawn during what can be a months-long process.

Broomfield County’s third-quarter filings plummeted 70 percent from a year ago, from 50 to 15, while sales dipped from 23 to 17.

Both counties also saw significant declines from the second quarter of this year to the third, with Boulder’s filings and sales dropping 12.6 percent and 54.9 percent respectively. Broomfield’s dropped 46.4 percent and 54.5 percent. Year-to-date filings for both counties were cut in half and sales fell by roughly a third when compared with the first nine months of 2012.

Statewide, there were 3,745 filings and 2,074 sales in the third quarter, marking 47.1 percent and 49.9 percent decreases respectively versus a year ago.

For the year, Colorado has seen 12,341 filings so far, down from 22,894 for the first nine months of 2012. Sales for the same periods decreased from 12,143 to 7,667. If current trends continue, the report stated, Colorado’s year-end foreclosure totals will be similar to what was reported in 2004 when there were about 18,000 filings and 10,500 sales. That’s compared with some of the worst years during the housing-bubble bust, such as 2007 when there were 25,054 sales.