Foreclosure activity slows, but rate still high
While property foreclosure activity has slowed dramatically over the past year, Mesa County continues to experience one of the highest foreclosure rates among 12 metropolitan counties in Colorado.
According to the latest statistics compiled by the Colorado Division of Housing, Mesa County reported a foreclosure rate of one completed foreclosure per 1,769 households in September.
Mesa County was second only to Pueblo County, which reported a foreclosure rate of one completed foreclosure per 1,299 households.
By contrast, Boulder County reported the lowest foreclosure rate among the 12 counties with one completed foreclosure per 20,547 households.
According to the Colorado Division of Housing report, Mesa County reported 61 foreclosure filings and 33 foreclosure sales during September. Compared to the same month last year, filings dropped nearly 23 percent and sales tumbled more than 63 percent.
Filings constitute the beginning of the foreclosure process and, consequently, offer a leading indicator of subsequent sales. Filings can be cured or withdrawn, however. Sales indicate how many properties have been sold at auction at the end of the foreclosure process. Because of the period between filings and sales, the two don’t occur in the same month for the same property.
Through the first nine months of 2013, a total of 587 foreclosure filings and 433 foreclosure sales were reported in Mesa County. Compared to the same span in 2012, filings dropped nearly 40 percent and sales retreated almost 33 percent.
According to separate and more recent information reported by Annette Miller, senior vice president of Heritage Title Co. in Grand Junction, 75 foreclosure filings and 42 foreclosure sales were reported in Mesa County in October. Compared to the same month last year, filings dropped 24.2 percent and sales plummeted 64.7 percent.
Through the first 10 months of 2013, Miller said 666 filings and 512 sales were reported. Compared to the same span in 2012, filings fell 39.4 percent and sales tumbled 30.3 percent.
Counting the totals for all 12 of the metro counties for which foreclosure activity was reported for September, 904 filings and 435 sales occurred. Compared to the same month last year, filings dropped nearly 43 percent to the lowest level recorded in any month since monthly surveys began in 2007. Sales tumbled more than 59 percent to remain near a seven-year low.
Through the first nine months of 2013 combined, 10,075 filings and 5,988 sales were reported in the 12 counties. Compared to the same span in 2012, filings retreated more than 46 percent and sales decreased nearly 38 percent.
According to a six-month moving average of foreclosure filings and sales in the 12 counties, filings and sales have been falling since 2011.