Garfield County foreclosure filings surpass 2009’s record
October 1, 2010
GLENWOOD SPRINGS – Garfield County has already surpassed the record number of property foreclosure filings set in 2009, and is on pace to see a more than 50 percent increase compared to last year, according to the county’s deputy public trustee Bob Slade.
“Unless things slow down between now and the end of the year, we’re tracking toward 650 [filings] this year,” Slade said.
As of the beginning of this week, the county had 447 residential and commercial foreclosure filings, already surpassing the record 408 foreclosure filings in 2009.
“I have 16 more to look at before the end of [September],” Slade said earlier this week.
And continuing a trend that began toward the middle part of 2009 when some of the delayed impacts of the national recession hit locally, Garfield County is also seeing more commercial property foreclosures.
“The majority are still residential properties, but we’re now getting a lot of big dollar foreclosures on commercial properties,” Slade said.
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Recently, foreclosure proceedings were filed against Buffalo Valley LLC, which leases the restaurant property south of Glenwood Springs to Beau Jo’s at Buffalo Valley.
However, the proceeding has not yet been published at this early stage, Slade said, and is not scheduled to go to sale until late December.
Last year, the 289-acre Cattle Creek Colorado property between Glenwood Springs and Carbondale, that had been approved for a large residential development, was among the largest commercial properties in the county to be sold at a foreclosure auction.
The owners of another major commercial property in Glenwood Springs that was also in foreclosure, the Roaring Fork Lodge, filed for Chapter 11 bankruptcy before the sale could go through. The property had been approved for a 106-room hotel and 40-unit luxury condominium development.
Prior to last year’s record 408 foreclosure filings, the previous high for Garfield County was 244 in 1985, three years after the oil shale bust rocked western Colorado’s economy.
According to Garfield County Public Trustee records, as of the end of August the majority of county foreclosure filings to date were in the Rifle area, with 92. Second-highest was Glenwood springs with 68, Silt with 61, Parachute/Battlement Mesa with 53, Carbondale with 52 and New Castle with 49.
The Rifle area also had the largest dollar amount of foreclosure proceedings at $37.4 million, followed by Glenwood Springs with $34.4 million and Carbondale at $26.4 million.
While foreclosure filings in Garfield County remain up, filings statewide in Colorado were down for the fourth month in a row in July, according to the most recent report posted on the Colorado Department of Local Affairs Division of Housing website.
Foreclosure filings in Colorado’s metropolitan counties fell 29.5 percent in July as compared to July of last year, according to the Division’s Aug. 26 report. Monthly foreclosure filings totals were down year-over-year every month since April.
From June to July this year, foreclosure filings rose 0.2 percent, and foreclosure sales at auction fell 10.9 percent.
Foreclosure filings are the initial filing that begins the foreclosure process. Foreclosure sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.
Foreclosure activity varied by county, with decreases in filings mostly in the metro areas. Mesa County was the only county surveyed where filings increased. Year-over-year filings in Mesa County increased by 24.6 percent in July.