Foreclosure filings fall by 50 percent in Weld
December 26, 2012
Foreclosure filings in Weld County dropped 50 percent in November from the same time last year, following a yearlong trend.
The numbers helped Colorado's foreclosure filings drop 36.8 percent, and foreclosure sales drop 31.8 percent on the year, according to a state Division of Housing news release.
"Declines in foreclosure filings have accelerated in recent months," said Ryan McMaken, an economist for the Colorado Division of Housing, in the release. "There are still going to be some ups and downs, but declines in foreclosures this year have been larger than what we expected."
In Weld specifically, the number of filings fell 50 percent to 90 in November; sales fell 39.3 percent to 65, according to the release. Larimer County filings fell 48.5 percent to 54, while the county's sales fell 46.7 percent to 40.
Foreclosure filings in Colorado fell to the lowest level recorded in any month since the Division of Housing began collecting monthly totals in 2007, the release stated.
Foreclosure filings are the initial step that begins the foreclosure process, and foreclosure auction sales totals are the total number of foreclosures that have been sold at auction. The numbers differ because homeowners have time to "cure" their loan before it goes to sale.
Comparing the first eleven months of this year with the same period last year, the counties with the largest drops in foreclosure filings were Larimer and Boulder counties where filings decreased by 17 percent and 18.5 percent, respectively, the release stated. In that same time, Weld filings fell 14.6 percent. Sales fell 25.7 percent to 898 for the year.
Mesa County reported a 17.8 percent increase in foreclosure filings over the same period — the state's only county to report an increase in foreclosure filings.
The release states that foreclosure activity tends to peak in January and February every year, and during the summer and early part of fall.