Dip expected in Colorado foreclosures in first quarter
DENVER, Colorado ” Colorado housing officials expect the number of foreclosures in the first quarter this year to be lower than the number in the first quarter last year.
The Colorado Department of Local Affairs’ Division of Housing looked at a sample of nine large counties and found they had nearly 5,500 completed foreclosures in the first quarter of 2008. There were about 2,500 completed foreclosures in the same counties through this past February in the first quarter, which is off the pace from last year.
Division director Kathi Williams says it’s too early to tell how the recession is affecting foreclosure activity. Housing officials say there could be more foreclosure activity if unemployment rises.