Foreclosure filings down, sales up

DENVER – Foreclosure filings throughout the state fell 16.2 percent in
May compared to 2009, decreasing from 3,143 to 2,633, according to
figures released Thursday by the Colorado Division of Housing. Compared
to May 2008, foreclosure filings last month decreased 17.7 percent, with
totals falling from 3,198 to 2,633.

Completed foreclosures – sales – were up compared to both May 2008 and
May 2009, 26.8 percent and 18.3 percent, respectively. Weld County had
the highest rate of foreclosure sales with a rate of 634 households per
foreclosure sale in May.

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For the five-month period January to May 2010, filings decreased 6
percent from 2009, and fell 12.2 percent from 2008. Larimer County had
the state’s largest drop in foreclosure filings – 16.6 percent from
2009.

For the same five-month period, foreclosure sales increased 40.1 percent
from 2009 and 20.8 percent from 2008.

The division report explained that these year-over-year increases are
due partially to artificially low foreclosure sales totals during 2008
and 2009 as a result of public and industry policy decisions. During May
2008, changes to the foreclosure processing timeline were taking effect
and, by law, few foreclosure sales could occur. During May 2009,
private voluntary moratoria put on foreclosure processing also depressed
the number of sales.

Foreclosure sales show general growth beginning in April 2009, a lag of
eight months behind foreclosure filings activity. This lag has appeared
to hold in recent months as foreclosure sales moderated in April and May
following a decline in foreclosure sales that began during September
2009.