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Mesa County reports highest foreclosure rate among 12 metro counties

Despite a decline in foreclosure filings in July, Mesa County continues to experience the highest foreclosure rate among 12 metropolitan counties in Colorado.

According to the latest statistics from the Colorado Division of Housing, 76 foreclosure filings and 57 foreclosure sales were reported in Mesa County during July.

Compared to the same month last year, filings fell more than 22 percent and sales rose almost 4 percent.

Filings constitute the beginning of the foreclosure process. Filings can be cured or withdrawn before properties are sold, however.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.

Since foreclosed properties tend to sell for less than comparable properties on the market, foreclosure activity can pull down real estate prices.

From January through July, 762 foreclosure filings and 478 foreclosure sales were reported in Mesa County. Compared to the same span last year, filings increased more than 22 percent and sales decreased more than 8 percent.

The foreclosure rate as measured by the number of households per completed foreclosure fell in July to one foreclosure for every 1,016 households. Nonetheless, Mesa County ranks first among 12 metropolitan counties in Colorado in terms of foreclosure rates.

Adams County ranked second with one completed foreclosure for every 1,256 households. Boulder County reported the lowest foreclosure rate with one completed foreclosure for every 7,029 households.

A total of 1,976 foreclosure filings and 865 foreclosure sales were reported for the 12 counties in July. Compared to the same month last year, filings increased 14 percent. Sales dropped nearly 24 percent to the lowest level in six years.

The Business Times has served as the definitive source for Grand Junction business news since 1994. The journal offers news, views and advice you can use twice each month in print with daily updates online at www.TheBusinessTimes.com
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Posted by on Aug 15 2012. Filed under Business News, Trends. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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