Completed Colorado foreclosures hit 5-year low in May

Foreclosure filings were up statewide in May, but foreclosure auction sales fell to a 5-year low, according to the latest data from the Colorado Division of Housing.

In all of Colorado’s metropolitan counties, foreclosure sales fell 17.3 percent. Filings, on the other hand, increased 12.8 percent compared to May 2011 from 2,002 to 2,259.

In Larimer County, both measures rose year-over-year in May. Foreclosure filings were up 15.8 percent from 95 in May 2011 to 110. Foreclosure sales were up 2.8 percent, but just one sale, from 36 to 37.

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Weld County’s number looked better in May than in May of the previous year. Foreclosure filings fell 4.1 percent from 145 in May 2011 to 139 in the same period of 2012. Foreclosure sales decreased 7 percent from 71 to 66.

“Foreclosure auction sales have now been down 19 of the last 20 months, comparing year-over-year, and for now, we can say that fewer people have been losing their homes to foreclosure this year when compared to other years since 2007,´ said Ryan McMaken, spokesman for the Colorado Division of Housing.

“On the other hand, filings continue to rise, and since some of those filings will turn into repossessed homes in the future, we can see that foreclosures haven’t gone away yet.”