Region posts lowest foreclosure rates, second year running

Boulder, Larimer and Broomfield counties, respectively, had the three lowest foreclosure rates in May among Colorado’s 12 metropolitan counties, according to the latest figures released by the Division of Housing on Wednesday.

The rankings remained relatively unchanged from a year ago, when Broomfield was ahead of Boulder for the top spot and Larimer was third.

Boulder County saw just one foreclosure sale for every 30,820 households in May, down from one in 6,488 for the same month last year. Larimer had one foreclosure for every 11,344 households in May, down from one in 5,199 last year. And Broomfield saw one in every 7,450 households, up from one in 11,176 last year, though Broomfield’s number of sales climbed only from two to three. Boulder had four completed sales this year versus 19 last year, while Larimer’s number dropped from 24 to 11.

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Weld County, meanwhile, also saw a dramatic drop in foreclosures versus May last year, dropping from 63 to 31, or one for every 3,009 households. That rate was ninth among metro counties.

The strong regional figures came as the 12 counties saw major improvements year-over-year in both foreclosure filings and sales. Filings represent the point at which the foreclosure process begins. Sales are the point at which the process is complete and can sometimes come months after a filing, or not at all if a borrower gets caught up on payments.

Colorado’s metro counties saw a 31 percent decrease in filings versus a year ago and a 45 percent decrease in sales.

Filings were down or flat regionally year over year for all four counties. However, Larimer did see a slight uptick from April, going from 31 to 34 in May.