Mesa County foreclosure rate tops among metro counties
Mesa County continues to experience the highest property foreclosure rate among 12 metropolitan counties in Colorado.
According to a report issued by the Colorado Division of Housing, both foreclosure filings and sales increased in May in Mesa County on a year-over-year basis.
With one foreclosure sale for every 852 households, the foreclosure rate was higher in Mesa County than in any of 11 other metro counties included in the report.
Pueblo County reported the second highest foreclosure rate with one sale for every 1,002 households. Boulder County reported the lowest rate at one sale for every 6,289 households.
According to statistics compiled by the division, 106 foreclosure filings and 68 foreclosure sales were reported in Mesa County in May.
Compared to the same month last year, filings rose 15.2 percent and sales rose 19.3 percent.
Filings constitute the beginning of the foreclosure process, offering a leading indicator of subsequent activity. Filings can be cured or withdrawn before properties are sold, however.
Sales indicate the number of properties in which ownership has reverted to the lender or passed to a third party. Foreclosure sales pull down real estate prices because foreclosed properties tend to sell for less than other comparable properties on the market.
Because of the period between filings and sales, the two don’t occur in the same month.
Through the first five months of 2012, 546 foreclosure filings and 354 sales were reported in Mesa County. Compared to the same span last year, filings rose 21.1 percent, but sales fell 13 percent.
A total of 2,259 foreclosure filings and 965 sales were reported in the 12 metro counties during May. Compared to the same month last year, filings rose 12.8 percent and sales fell 17.3 percent. Foreclosure auction sales fell to their lowest level for a May in five years.
The 12 counties collectively reported a foreclosure rate of one sale for every 1,729 homes.
Through the first five months of 2012, a total of 10,654 filings and 5,352 sales were reported in the 12 counties. Compared to the same span last year, filings rose 1.7 percent and sales dropped 27.1 percent.
An analysis of a six-month moving average for foreclosure filings and sales in the 12 counties indicates that filings peaked in mid-2009 in the wake of job losses that started in 2008. Sales peaked about a year after filings.
Foreclosure filings declined between January and July of 2011, but since have increased. Sales were flat during the first half of 2011, but since have trended downward.