Mesa County foreclosure rate remains high despite fall in activity
While property foreclosure activity has fallen over the past year, Mesa County continues to experience the highest foreclosure rate 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 940 households in May.
Pueblo County experienced the second highest rate at one foreclosure for every 1,221 households, followed by Adams County with one foreclosure for every 1,417 households. By contrast, Broomfield County reported the lowest rate in May with one foreclosure for every 10,980 households.
According to the Colorado Division of Housing report, Mesa County reported 73 foreclosure filings and 62 foreclosure sales in May.
Compared to the same month last year, filings fell more than 31 percent and sales dropped nearly 9 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 Filings can be cured or withdrawn, however.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 five months of 2013, a total of 313 foreclosure filings and 278 sales were reported in Mesa County. Compared to the same span in 2012, filings tumbled nearly 43 percent and sales retreated more than 21 percent.
Counting the totals for all 12 of the metro counties for which foreclosure activity was reported for May, 1,113 filings and 720 sales occurred. Compared to the same month last year, filings fell more than 50 percent percent to remain near a seven-year low. Sales dropped more than 25 percent to remain near a five-year low.
For the first five months of 2013 combined, 6,016 filings and 3,777 sales were reported in the 12 counties. Compared to the same span in 2012, filings declined more than 43 percent and sales decreased nearly 30 percent.
According to a six-month moving average of foreclosure filings and sales in the 12 counties, filings have remained flat and sales have fallen since late 2011.