Historical Foreclosure Stats for El Paso County

By
Real Estate Agent with ERA Herman Group Real Estate

Historical Foreclosure Stats for El Paso CountyBroken Down Shack

  • El Paso County, Colorado, historical foreclosure stats go back to 1981. That year there were 587 foreclosures.
  • The lowest they have ever been was in 1995 with 438 for the entire year.
  • The S&L debacle in the in the '80's, created a recession that topped off in 1988, with foreclosures at an all time high of 3,476.

Our current recession and sub-prime market crash has produced an even higher amount of foreclosures than the '80's did. There are many reasons for those numbers to be higher:

  1. There are more people and homes now than in the '80's
  2. Prior to the sub-prime blow out, home affordability was at it's highest since the second World War.
  3. Unemployment numbers are higher now, too.

The following stats show increases over the years of the current recession.

2006 2,570
2007 3,556
2008 4,602
2009 5,470

But, more importantly, the agregate numbers for the current recession is over 26,000 homes in our county! That number far out reaches the agregate of foreclosures in the '80's, which came to about 20,000.

January 2010 had 2,195 foreclosures, compared to January 2009 totals of 2,250. There are a lot of families that have lost their homes. There are a lot of homes without any one living in them. It's blight on our neighborhoods, and a shame in our communities. Unfortunately, unemployment is high. But on the other hand, interest rates are low and home prices are low.

 What will 2010 produce?

Posted by

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

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Colorado Springs and Monument Real Estate

Comments (3)

c m
Colorado Springs, CO

 

Wow, when it is all layed out in black and white it looks more ominous than I thought... I remember the 80's, all to well. Living in Denver and eating hand to mouth with two babies.  We went "home" to Texas for a few years, to "get back on our feet", with plans to return as quickly as possible.  We did get good jobs, bought a house, and then when we were ready to move back "home" to Colorado, we found ourselves upside down on our home. Not to the degree that many are today, and not so bad that our assumable loan did not look attractive to a couple who was down on their luck.  We let them assume the loan and prayed they would make good!  That was over 20 years ago, and they are still there, built an addition on the house, and my calculations say close to payoff!  Maybe there will be some silver lining stories for folks this time too! Thanks for the stats, even if sobering, they are good to know.

Mar 24, 2010 11:36 AM
Marianne Snygg
ERA Herman Group Real Estate - Monument, CO
ABR, ASP, GRI, SFR

Hey,Cheryl, thanks for stoppy by and leaving a comment. FYI, home prices are up over the last three months. Homes sales are going to be high in March 2010. Interest rates are going up. It's not clear what's April is going to be like, now that the home buyer's tax credit is over. (Well, except for active military.)

Mar 30, 2010 05:06 AM
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Oct 20, 2011 06:25 AM