Foreclosure activity drops steeply

Northern Colorado and the Boulder Valley saw double-digit drops in both foreclosure filings and sales year-over-year in the first quarter of 2014.

Broomfield County saw the largest decrease, with foreclosure filings dropping by 61 percent – from 41 in the first quarter of 2013 to 16 in the first quarter of 2014. Foreclosure sales in Broomfield County fell by 44 percent in the same period, according to data released today by the Colorado Division of Housing.

Compared with the previous year, Larimer County saw a dip of 36.3 percent in the number of foreclosure filings, and foreclosure sales fell by 56.1 percent.

Similarly, Weld County experienced a 21.8 percent reduction in foreclosure filings, and foreclosure sales dropped by 55 percent year-over-year.

In Boulder County, foreclosure filings slipped 32.3 percent and foreclosure sales fell 52.9 percent.

Foreclosure filings begin the foreclosure process, and foreclosure auction sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.

Statewide, foreclosure filings decreased by 24.7 percent year-over-year in the first quarter, and foreclosure sales were down by 41.5 percent during the same time period. In some parts of Colorado, small increases occurred as the market began to normalize after the precipitous drop in foreclosures during the first years of the recovery following the recession.

“Foreclosures have been rising from late 2013’s very low totals,” said Ryan McMaken, economist for the Division of Housing, in a statement. “But the increases are rather small and foreclosure totals remain near 10-year lows.”

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Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR
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