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Filings for Bank, Tax and Federal Foreclosures Declined in Colorado

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By : John Cutts    99 or more times read
Federal foreclosures and bank foreclosure filings declined in majority of Colorado's metro areas during the second quarter of 2010. According to the Colorado Division of Housing, new filings for state metros like El Paso and Colorado Spring dropped during the period April-June 2010 compared with the same 2009 period.

Most areas of the state experienced some form of foreclosure relief during the quarter, including Pueblo foreclosure listings showing less number of properties. When the first six months of the year is used as basis, metros in Colorado also recorded fewer filings compared with the first six months of 2009.

According to state officials, the decline in filings and in the number of properties under foreclosure lists in Colorado is encouraging despite the fact that unemployment remains a major problem in the state. Analysts have stated that one possible reason for the decline is the flexibility being shown by lenders in trying to find alternative ways to solve foreclosure problems with borrowers.

Another possible reason cited by market observers for the decline in the number of bank and federal foreclosures during the quarter is that more homeowners are doing without discretionary spending to be able to meet their monthly mortgage obligations. Filings for the second quarter totaled 10,233 for the whole state.

The number of properties under listings of home foreclosures, along with foreclosure filings, declined by 15.7% in the whole state during the 2010 second quarter compared with the 2009 second quarter. When the January-June 2010 period is considered, the decline is 5.6% compared with the first half of 2009. Total filings for the first six months of the year are at 21,365.

However, when only completed foreclosures are considered, or those properties sold to investors or lenders, the state recorded a 17.7% increase for the 2010 second quarter compared with the April-June period of 2009. Total completed foreclosures for the quarter were 5,885.

For the January-June 2010 period, completed foreclosures that include federal and bank foreclosures had a total of 12,569. This translates to a 34.4% jump when compared with the 2009 first half. However, analysts stated that the six-month figure can be misleading since numbers are being compared with the early part of 2009, the time when lenders were attempting to lower foreclosure sales.

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