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Bank Owned Property Listings Surged in 12 Counties in Colorado

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By : John Cutts    99 or more times read
Bank owned property listings in 12 counties in Colorado surged by substantial rates in January, based on foreclosure sales data from the Colorado Division of Housing.

A total of 1,917 homes were sold at public foreclosure sales in January in the 12 counties, a whopping increase of 61 percent from total foreclosure sales in January 2009.

Foreclosure sales typically occur a number of months after filing because of various delays in county proceedings or in the response of lenders to court proceedings.

In Colorado, the foreclosure process usually starts when a lender files a demand notice with the office of the public trustee of the county where the distressed property is located.

Mesa County posted the highest rate of increase in foreclosure activity in January, as its total foreclosure sales soared by almost 338 percent to 70 units of sales.

Boulder County was next with an increase rate of almost 210 percent from 21 units in January last year to 65 units in January this year. Pueblo County was third with an increase rate of almost 132 percent from 41 units to 95 units.

All of the 12 counties tracked by the state housing division contributed substantially to the overall increase in properties entering bank owned property listings in January this year.

As bank listings surged, foreclosure filings also climbed up. Mesa County again posted the highest rate of increase. Filings soared by 159 percent to 145 filings in January this year from 56 filings last year.

Boulder County again was second, posting a 39-percent increase rate. Jefferson County was third with 21 percent.

Statewide filings decreased, however, from 2,819 filings in January last year to 2,729 filings this year. The number also marked a drop of 17 percent from the January 2008 postings of 3,303 units.

The biggest rate of decrease occurred in the county of Douglas, where filings fell by 26 percent to 141, down from 190 filings in January last year.

Foreclosure activity also slowed in the counties of Pueblo and Weld, where filings dropped by 19 percent and 18 percent, respectively.

According to Ryan McMaken, director of communications of the state housing division, the foreclosure data reflects economic difficulties in certain counties. He said that the rates of growth of bank owned property listings and foreclosure filings in Mesa County were the highest in Colorado for metropolitan counties monitored in the report.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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