The end of the third quarter for the Denver housing market reveals that both foreclosure filings and foreclosure sales have dropped markedly from this period in 2010. This is continued positive news for homeowners in Denver and the surrounding areas.
Foreclosure filings are the first step in the foreclosure process, ending with either a foreclosure sale or a homeowner settling with a lender to avoid the sale. The foreclosure sales data accounts for properties (mostly homes, but also some commercial properties and vacant land) that are bought back by lenders as well as those sold to third parties.
According to the Colorado State Division of Housing, new state foreclosure filings were down 24.6 percent in Q3 2011 versus Q3 2010. The sales of foreclosures at auction also fell by 29.8 percent for the same time period. In hard numbers, this rolls out as 8,026 new foreclosure filings and 4,627 foreclosure sales.
While there could still be pending foreclosures to be processed, the Division of Housing speculates that there will be many fewer foreclosure filings by year-end 2011 than there were at the same time in 2010. So those concerned about their Denver home values can perhaps breathe a little easier.
Comparing the first nine months of 2011 to the same period of 2010, state foreclosure filings dropped to 23,338, a 27 percent decrease; foreclosure sales numbered 15,560, an 18 percent drop.
One major reason for this reduction is attributed to controversies in foreclosure processing that came to light in late 2010, alleging that foreclosure paperwork was signed without verification. It was expected that foreclosure numbers would rise again once this was settled, but for Colorado the numbers continue to fall.
The state-wide breakdown shows reductions in all urban counties from 2010 to 2011. In Denver County alone, foreclosure filings dropped 31 percent in that period, great news for anyone living in or relocating to Denver. Increases occurred in the more rural areas such as the Western Slope and in mountain counties.
We’re not out of the woods quite yet, but these numbers and other indicators could be pointing to a better year in 2012 for anyone buying or selling a Denver home.
Let the professionals at the Bandy Team help you buy or sell a Denver home, contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Denver Highlands and real estate in Washington Park (also known as Wash Park). You may also be interested in horse property in Franktown or homes in Parker, including a wide variety of homes in Canterberry and real estate in Stonegate.