According to Inside Real Estate News, “foreclosure filings in Colorado’s 12 largest counties fell by 40 percent in April, compared with April 2010 according to a state report released today.” In fact, the report said it’s been seven months of falling foreclosure numbers, “and three of those months showed drops of 30 percent or more,” said Ryan McMaken, spokesman for the Colorado Division of Housing.
That great news is tempered by the fact that there’s still a lot of ‘backlog’ to be cleared out.Continued foreclosure sales will keep prices down, bad news for sellers but great news for buyers.
Read the article yourself at this link:http://insiderealestatenews.com/2011/05/foreclosures-down-40
In Colorado, once a homeowner falls behind on the mortgage, after the banks send some threatening letters and make some irate phone calls, the first official step to foreclosing is filing an NED (Notice of Election and Demand).
Here’s the number of NEDs that have been filed in four Colorado counties, between January 1 and June 8 of 2010 compared with 2011.
2010 2011 % Change
Denver County 2,225 1,409 -37%
Broomfield County 134 99 -26%
Jefferson County 1,695 1,218 -28%
Adams County 2,268 1,536 -32%
Keep in mind that not every NED filing results in a foreclosure. A few people catch up, other people have enough equity to sell their home, and still others do a short sale. (This information was provided to me by www.renav.com./apps/reports.php)
Just for comparison, those same months in 2005 had the following number of NEDs filed:
Denver County 1,501
Broomfield County 63
Jefferson County 802
Adams County 1,129
So these Colorado counties are getting close to the number of foreclosures they had back in 2005.
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Read more about life in Arvada, Colorado.
And here’s a little intro to Olde Town Arvada.
Gardeners might enjoy my posts about gardening in Denver to Boulder’s front range.
I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver.
Copyright © 2011 Joetta Fort
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