Repossession of Foreclosed Units Has Swelled in Twelve Colorado Counties

Filed Under Foreclosure | 3 Comments

Repossession of foreclosed units has swelled in twelve Colorado counties last January according to the findings of Division of Housing of Colorado State. In January 2010 the houses sold at public auctions numbered 1,917 in 12 counties. It was a staggering increase by 61% from the figures of January of the previous year.

Generally the sales take place a month after the filing of foreclosure because of complexities in the proceedings in the counties or because of the lenders’ response to the court matters. In Colorado the foreclosure process kicks off when the lender notifies the public trustee office of the particular county about the location of the troubled property.

The highest numbers came from Mesa County. The total number of sales increased by nearly 338%. 70 houses were sold off.

Next was Boulder County with an increase of about 210%. In 2009 January 21 houses had been sold. In 2010 January the sale numbered 65. Pueblo County ranked third with a spike of nearly 132%. The sale figures went up in a year from 41 houses to 95 houses.

All the 12 counties that had been noted by the housing division of the state was responsible to a great degree to the general increase of properties being taken over by the banks in 2010 January.

Foreclosure filings also surged. Mesa County saw the highest number of foreclosure postings. The numbers went up by 159%. There were 145 filings in 2010 January in contrast to 56 postings in 2009 January.

Boulder County came second with an increase of 39%. Jefferson County came third with a spike of 21%.

Across Colorado State the foreclosure filings decreased from 2,819 posted in January 2009 to 2,729 listed this year January. It also saw a decrease of 17% from the figures of 2008 January when 3,303 houses had been listed for foreclosure.
The sharpest decrease was in Douglas County where the foreclosure filings dropped by 26% to 141 units. In January 2009 there had been 190 foreclosure listings. Foreclosure listings also showed decreases in Pueblo County and Weld County where the drop was by 19% and 18% respectively.

Ryan McMaken of the Housing Division of Colorado State said that the foreclosure figures show how the economy continues to be troublesome in some of the counties. Foreclosure filings and bank repossessions were the highest in Mesa County among the metro counties.

Popularity: 10% [?]

Comments