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Bank and FHLMC Home Foreclosures Decline in Some Areas of Colorado

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By : John Cutts    99 or more times read
Data from the Colorado Division of Housing showed that several areas of the state recorded a decline in total number of foreclosures, including FHLMC home foreclosures, during the July-September 2010 period. The counties of Weld and Greeley are among the areas that showed improved housing numbers during the quarter.

Although the general trend is characterized by continuous increase in Aurora foreclosure homes and distressed properties in other areas of the state, Weld bucked this trend and posted improved foreclosure numbers for the period. Weld recorded fewer foreclosure-related filings and foreclosed property sales for the third quarter of the current year.

According to the housing division, sales and total number of foreclosures in Colorado were highest in areas like Weld, Denver, Arapahoe, Adams and Pueblo in 2009. Last year, Weld had a total of 3,354 filings and 1,615 houses sold at foreclosure auctions. The rest of the counties showed declining foreclosures during the early part of 2009, but Weld continued to post high numbers.

In the second and third quarter of 2010 however, Weld did show declining foreclosure sales and filings, including FHLMC home foreclosures, to give local analysts some hope that the county is on its way towards a recovery. For July-September 2010, Weld only had 626 filings compared with 905 in the 2009 third quarter, representing a decline of 30.8%.

For the second quarter of 2010, foreclosures search for Weld showed total filings of 685. This represents a 23.4% decline compared with the 894 total recorded in the 2009 second quarter. In terms of foreclosure sales, a total of 426 were completed in the county during the July-September 2010 period which is slightly lower than the 459 completed sales recorded in the same 2009 period.

The difference represents a 7.2% decline which is considered significant seeing that all major Colorado counties recorded higher foreclosure sales for the 2010 third quarter compared with the same 2009 three-month period. Statewide, foreclosure-related filings are projected to reach over 40,000 for the whole 2010.

According to Weld County housing market analysts, the decline in total foreclosure sales and filings, including those associated with FHLMC home foreclosures, is good news for the area which has suffered from continuous rise in foreclosure rates since the previous year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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