Mesa County foreclosure rate still highest among metro counties

Mesa County continues to report the highest property foreclosure rate among metropolitan counties in Colorado despite a substantial year-over-year decline in foreclosure activity in November.

According to statistics compiled by the Colorado Division of Housing, Mesa County reported a foreclosure rate of one completed foreclosure for every 1,143 households during November. That’s the highest rate among 12 metropolitan counties from which numbers were collected.

Pueblo County ranked second with one foreclosure sale for every 1,323 households, while Adams County was a close third with one sale for every 1,368 households. Boulder County reported the lowest rate at one foreclosure sale for every 3,912 households.

The foreclosure rate remains comparatively high in Mesa County despite year-over-year declines in filings and sales in November.

According to the Colorado Division of Housing, 72 foreclosure filings and 51 foreclosure sales were reported in Mesa County. Compared to the same month last year, filings dropped nearly 29 percent and sales retreated more than 27 percent.

Filings constitute the beginning of the foreclosure process, offering a leading indictor of potential sales. Filings can be cured or withdrawn, however, before sales occur. 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 for an individual property in the same month.

The November figures bring year-to-date totals for Mesa County up to 1,179 filings and 784 sales. Compared to the same, 11-month span last year, filings have increased almost 18 percent even as sales have dropped nearly 3 percent.

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Posted by on Dec 13 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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