Colorado foreclosure sales drop to 6-year low

Larimer County saw foreclosure sales dip by 28.5 percent as the housing market rebounded in 2012

Written by
Pat Ferrier

Foreclosure sales in Larimer County dipped 28.5 percent between 2012 and the prior year, an encouraging sign that jobs are returning and home prices are increasing. “Employment continues to be a major factor,” said Ryan McMaken, economist for the Colorado Division of Housing. “It’s not the only factor, but it’s not a big surprise that counties with lower unemployment rates are generally seeing foreclosures go away faster.” Demographic trends favor Larimer County, McMaken said. Home prices are increasing and that helps people in foreclosure who can now sell their homes rather than lose them to foreclosure. Home prices dropped during the recession and put many homeowners underwater on their mortgages, meaning they owed more than their home was worth, which made it difficult to refinance or sell. “I would imagine the number of people underwater in the Fort Collins area is certainly less than what it is in places with less robust job situation, simply because people are there and want to buy,” McMaken said. Last year, 559 homes were sold at foreclosure auction in Larimer County, compared to 782 in 2011. Foreclosure filings — homes in any state of the foreclosure process — were down from 1,329 in 2011 to 1,078 last year. New Colorado foreclosure auction sales in 2012 were down 18.9 percent from 2011. According to a report released Wednesday by the Colorado Division of Housing, there were 15,903 completed foreclosures reported during 2012.

Need help?

Those facing foreclosure may call the Colorado Foreclosure Hotline at (877) 601-4673.

Reposted from Coloradoan.com

County 2011 Q4filings 2012 Q4filings Change 2011 Q4sales 2012 Q4sales Change
Larimer 317 221 -30.3% 191 130 -31.9%
Weld 505 313 -38.0% 226 225 -0.4%