Colorado foreclosures filings hit record high
August 13, 2009
DENVER – More Colorado homeowners are struggling to hold onto their homes as housing foreclosure filings set a record in the second quarter, but state officials are hopeful the worst is over.
The Colorado Division of Housing reported Thursday that 12,135 homes entered the initial proceedings of bank repossession or auction in the April-June period. Nearly 5,000 foreclosures were completed, meaning the homes were returned to the bank or sold at auction.
The foreclosure rise was sharpest in Mesa County. There, second-quarter foreclosure filings rose 144 percent from the same period in 2008, from 108 to 264, while completed foreclosures more than tripled, from 18 to 58.
State housing officials attributed the rise to the troubles of the energy industry, a major Mesa County employer.
“This is likely due to a recent softening in the housing market in the Grand Junction area in response to diminished oil and gas development in the region. However, Mesa County’s overall foreclosure rate remains very low,” the report said.
The next highest increase in foreclosure filings came in Broomfield County, just north of Denver, where filings rose 45 percent from the same period last year, from 73 to 106.
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Most of the Denver area, though, saw improvement last quarter.
Adams, Arapahoe, and Denver counties all saw declines in total numbers of completed foreclosures. Denver’s completed foreclosure totals fell 30 percent. Adams County’s completed foreclosures fell 19 percent, and Arapahoe County saw a 16 percent decrease.
Housing officials said that despite the foreclosure filing record, Colorado’s housing market appears to be recovering from a brutal 2007 and 2008.
Statewide, there was about one completed foreclosure per 202 households during the first half of 2009. During the first half of last year, there was one completed foreclosure for every 192 households.
“Although new filings are showing a bit of growth in some areas, we don’t expect substantial growth in completed foreclosures this year as compared to last year,” housing department spokesman Ryan McMaken said in a statement.
During 2008, there were 39,333 total foreclosure filings and 21,301 total completed foreclosures.