According to the Colorado Division of Housing Colorado the second quarter of 2010 marked the third consecutive quarter of declining foreclosure filings. New filings fell 15.7 percent in the second quarter compared to the same period in 2009. However, foreclosure sales rose 17.7 percent during the quarter, the report said.
New filings totaled 10,233 statewide during the second quarter compared to 12,135 in the same quarter of 2009. The report noted there were a total of 46,394 foreclosure filings in 2009, a state record. Through June of this year there have been 21,369 filings.
The report had good news for Weld and Larimer counties, which both showed significant drops in foreclosure filing activity during the quarter compared to the same period a year earlier. Weld recorded 685 filings this year compared to 894 in 2009, a 23.4 percent decline.
Larimer reported 403 second-quarter foreclosure filings compared to 500 in 2009, a 19.4 percent drop. Comparing the first six months of both years, Larimer reported a 17.2 percent decline in foreclosure filings and Weld recorded a 12.5 percent drop over 2009.
Boulder County reported the lowest foreclosure rate in the Denver metro area with one completed foreclosure per 777 households.
The report said the "sustained declines in new foreclosure filings totals likely indicate that households are finding ways to avoid entering the foreclosure process and that mortgage companies are initiating fewer foreclosures for a variety of reasons."
The report added that "while foreclosure filings are presently in decline, a significant drop-off in foreclosure activity will rely on strength in the larger economy and on job creation."