Foreclosure rate may be lowest in 6 years

DENVER — A new report from the Colorado Division of Housing shows the number of homes and commercial properties entering foreclosure is on pace to reach its lowest total since 2006 and that Boulder County has one of the lowest foreclosure rates in the state.

The 7,076 foreclosure filings statewide in the third quarter was down 11.8 percent from the third quarter of 2011, and year-to-date, the number of filings has dropped 2.2 percent. Through September, 22,920 new foreclosures were reported, according to the Division of Housing.

In Boulder County, 214 properties entered foreclosure in the third quarter, down 9.7 percent from the same period in 2011. In Broomfield, the number dropped 20.6 percent, to 50.

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State officials believe the improvement is attributable to lower unemployment.

Employment is now showing up as an important factor in driving down foreclosure rates in some areas, said Ryan McMaken, division of housing spokesman, in a press release. Boulder and Larimer counties, where the unemployment rates are among the best in the state, are seeing some of the biggest declines in foreclosures and foreclosure rates right now.

The number of foreclosed properties sold at auction is dropping at a faster rate, which indicates more owners are able to work out a deal with lenders or at least sell their property, McMaken said.

In Boulder County, 94 properties were sold at a foreclosure auction in the quarter, down 21.7 percent from 2011. Broomfield saw a 17.9 percent drop, from 28 to 23 sales. Statewide, there was a 24 percent drop to 11,898 auction sales on a year-to-date comparison, the report said.