EAGLE COUNTY, Colorado - Foreclosures are up across Colorado, but not as much as projected, says the Colorado Division of Housing.
Foreclosure filings were down 1.6 percent in Colorado metro counties during August. Foreclosure auction sales fell to a six-year low, down 10.4 percent from the same time a year ago, according to a Colorado Division of Housing report released Thursday.
In Eagle County, foreclosure numbers are holding almost steady from month to month. This week's list had 75 Eagle County properties scheduled to go to foreclosure auction this week. On Wednesday, nine did.
Foreclosures are up, but foreclosure sales are down, and the statewide foreclosure relief is recent, the state report said.
For the first eight months of the year, January through August, foreclosure filings were up 4 percent compared to the same period last year, the Colorado Division of Housing's report said.
Foreclosure auction sales, however, were down 25.7 percent during the same period, the state report said.
Foreclosure filings begin the foreclosure process. Public trustees handle foreclosure auctions at the end of the foreclosure process.
"With all of the slowdowns and administrative delays that pushed foreclosure filings down so far last year, I expected a larger increase in filings this year than we're seeing," said Ryan McMaken, a spokesman for the Colorado Division of Housing. "Instead, new foreclosures are only up slightly this year, while completed foreclosures really dropped off, reflecting last year's big drop in new filings."
The number of Coloradans 30 to 90 days behind on their house payments is dropping, McMaken said.
With fewer Colorado homeowners falling into foreclosure, it follows that fewer homes will be sold at foreclosure auctions.
And demographics seem to be working in our favor, McMaken said.
"People continue to move here. That's our saving grace. Polls show that young people keep coming here," McMaken said.
The statewide vacancy rate for apartments is about 5 percent.
Since 2007, when new building started to decline, Coloradans formed about 66,000 more households than housing units built during that time.
"Before that we had a glut, and it's filled up," McMaken said.
Comparing the first eight months of this year with the same period last year, the counties with the largest declines in foreclosure filings were Weld and Boulder counties, where filings decreased by 8.3 percent and 8.6 percent, respectively. Mesa County, on the other hand, reported a 26.4 percent increase in foreclosure filings during the same period.
Ten of 12 counties surveyed showed decreases in foreclosure auction sales during the first eight months of this year when compared to the same period last year. The counties with the largest decreases in foreclosure auction sales, year-over-year, were Douglas County and Denver County, where auction sales decreased by 37.9 percent and 37.2 percent, respectively. Broomfield and Pueblo counties reported year-over-year increases in auction sales of 8.3 percent and 1.7 percent, respectively.
Staff Writer Randy Wyrick can be reached at 970-748-2935 or firstname.lastname@example.org.