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Twelve Counties of Colorado State Observe a Rise in Listings of Bank Owned Properties

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By : Julie Thompson    99 or more times read
The Colorado Division of Housing released data that showed that in the 12 counties of Colorado, the properties that were owned by banks increased significantly in January. In comparison with January 2009, the total home foreclosure sales increased by a whopping 61 percent in the twelve counties of Colorado reaching a figure of 1,917 households that were auctioned in the public home foreclosure sales. These foreclosure sales take many months to complete, as there are many official formalities and rules that need to be completed.

The delay happens due to the time that it takes for all these formalities to complete, and sometimes, the lenders take too long to respond to the court proceedings. In Colorado, the process starts with the application of the homeowners who filed for foreclosure on their home in the public trustee office of the county. The total home foreclosure sales rate in Mesa County increased by 338 percent reaching 70 units in January. This foreclosure activity was highest in the area. In Boulder county, which was second after Mesa, reported an almost 210 percent of increase to reach 65 units in January this year from 21 units from January last year. The third in the list was Pueblo County that posted 95 units from 41 units, rising by 132 percent.

In January this year all the 12 counties that were observed by the housing division of the state, significantly contributed to the increase of foreclosure activity in the area, and entered the property listings of bank owned properties. With the increase of bank owned property listings foreclosure filings surged. Mesa County posted the highest rate of increase in this field also.In comparison with the 56 filings in the last year, it reached 145 filings this year, a rise of 159 percent! Boulder County ranked second with a 39 percent increase and Jefferson County ranked third with 21 percent increase in rates.

With 2,729 filings this year, the filings across the state observed a decrease from 2,819 filings in January 2009. It fell by 17 percent from 3,303 filings from January 2008. From postings of 190 units in January last year, Douglas County recorded the biggest decrease of 26 percent, a fall from 190 filings last year to 141 filings. A drop of 19 and 18 percent was also observed in the counties of Pueblo and Weld respectively. These reports show the continuing problem areas of the state.
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