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Denver Foreclosed Homes Declined, but Statewide Filings Rose

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By : John Cutts    99 or more times read
Denver foreclosed homes dropped in number in the nine-month period from January to September compared to the first 9 months last year, but statewide foreclosure filings soared, according to a report from the Colorado Division of Housing.

Completed foreclosure actions in the first 9 months in Denver County dropped by 34 percent, but the county foreclosure rate was still high at 113 housing units for every completed foreclosure.

The other Colorado counties with decreases in actual foreclosures were Adams and Arapahoe, where completed foreclosures dropped by 20 percent.

In contrast, foreclosure activity outside the metro Denver area stepped up. For the nine-month period ended September, Mesa County posted a staggering increase in completed foreclosures by 173 percent while El Paso County posted an 18-percent jump.

Weld County, which was clobbered by foreclosures at the start of the housing meltdown, slowed down in foreclosure activity, posting a jump in completed foreclosures by just two percent.

Meanwhile, in another report released by a California-based research firm, foreclosure postings in the Denver-Aurora metro area rose by more than five percent compared to the previous quarter, but dropped by nearly two percent compared to the same quarter in 2008.

More than 9,200 residential units were notified of default or foreclosure during the quarter, many of which were already taken back by banks and posted as Denver foreclosed homes. This overall total of distressed units represented 0.89 percent of all housing units in the Denver-Aurora metro area.

With a foreclosure rate of one in every 113 residential units, the Denver-Aurora metro area was ranked 47 among 203 large metro areas studied by the real estate research company.

In the report released by the Colorado Housing Division, foreclosure actions in Colorado stepped up and exceeded the 12,000 threshold in the quarter ended September largely because of the phase-out of moratorium programs that postponed foreclosure proceedings by lenders.

During the nine-month January-September period, the total of foreclosure postings reached 35,112 and the total of completed foreclosures reached 14,971. During the third quarter, the total of completed foreclosures reached 5,618.

If the January-September foreclosure filings this year are compared to filings during the same 9-month period last year, foreclosure activity slowed down. Last year, more than 39,000 residential units received foreclosure filings and more than 21,000 units went into foreclosure and were repossessed by the banks.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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