Activity slowing, but foreclosure rate still highest in Mesa County

The latest results of a monthly report confirm property foreclosure activity is slowing in Mesa County.

Nonetheless, Mesa County continues to experience the highest foreclosure rate among 12 metropolitan counties in Colorado.

According to the statistics from the Colorado Division of Housing, Mesa County reported 86 foreclosure filings and 99 foreclosure sales in August.

Compared to the same month last year, filings were down nearly 19 percent. Sales, however, increased almost 29 percent, the largest gain among the 12 metro counties. Nine counties reported declines in year-over-year foreclosure sales.

For the period between January and August 2011, Mesa County reported

708 filings and 621 sales. Compared to the same period last year, year-to-date filings were down nearly 32 percent, while sales were down almost 11 percent.

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 Filings can be cured or withdrawn before properties are sold.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

The foreclosure rate as measured by the number of households per foreclosure sale stood at 560 in Mesa County in August. That ratio ranks first among 12 metropolitan counties in Colorado. Weld County ranked second with one foreclosure sale for every 738 households. Adams County reported one foreclosure sale for every 765 households.

Foreclosure filings in the 12 metro counties totalled 2,325 in August, down nearly 29 percent from a year ago. Foreclosure sales totalled 1,497, down about 15 percent.

Year-to-date filings in the 12 counties totalled 16,481, down more than

31 percent from last year. Year-to-date sales totalled 11,502, down

18.5 percent.

An analysis of a six-month moving average for filings and sales in the

12 counties shows that filings peaked in mid 2009, wile sales peaked in the spring and summer of 2010. While filings declined between January and July of this year, sales activity has remained flat.