Summit County Pre-Foreclosure Anomaly - Up 21% YTD in 2010

By
Mortgage and Lending with JBerman Group

Looking through the Notice of Election & Demand (NED's) activity for Colorado and I noticed an interesting anomaly. There were 280 Notice of Election & Demand (NED's) filed (01/01/09 - 12/08/09) in Summit County. 340 NED's have been filed year to date in 2010. That's an increase of 21% while Denver has seen a 17% decline. In fact, other parts of Colorado experienced fewer NED filings as well. Weld county was down 14% & El Paso county was down 10%. 

What is causing the deviation? Did the larger population of 2nd homes & investment property in the mountains translate to a different type of homeowner that had a longer window before pre-foreclosure proceedings began? Did the housing malaise take longer to hit the mountains? Indications are that we didn't see price pressure until well after other areas in Colorado had already depreciated.

What are your thoughts?

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