Foreclosures Drop in Colorado....

While nearly every state in the country has experienced some degree of foreclosure slowdown, Colorado’s year-over-year foreclosure rates are nothing to sneeze at. The volume of foreclosures filed in February of 2011 is a full 34.7 percent lower than that of a year ago, with a tally of 1,986 versus 3,042. Foreclosure sales at auction also fell 10.7 percent from the month prior, probably because lenders have significantly slowed auction sales due to ongoing complications in the robo-signer controversy. Many lenders at this point insist that there were no wrongful foreclosures as a result of their robo-signers, but the public and the federal government remain unconvinced and, as a result, many of the same lenders are slowing the foreclosure process or even halting it until a resolution can be reached.

Timothy Geithner, Treasury Secretary for the U.S. Secretary, has said that until the issue is put “to bed” for all parties involved that legal uncertainty will continue to clog the foreclosure process. Many analysts believe that this could ultimately slow or stop the housing recovery. In the meantime, many homeowners in Colorado and elsewhere will be able to breathe a sigh of relief – at least in the short term.