While Mesa County continues to experience one of the highest property foreclosure rates among metropolitan counties in Colorado, foreclosure activity dropped in May over levels reported last year.
Foreclosure filings fell more than 4 percent in May compared to the same month last year. Foreclosure sales dropped nearly 37 percent. In addition, filings and sales reported during the first five months of 2011 were down compared to the same span last year.
According to the latest statistics from the Colorado Division of Housing, Mesa County reported 92 foreclosure filings in May, down 4.2 percent from May 2010. The county reported 57 foreclosure sales, down 36.7 percent from May 2010.
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 Filings can be cured or withdrawn before properties are sold, however.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.
For the first five months of 2011, Mesa County reported a total of 451 filings, down 30.1 percent from the same span last year. A total of 407 sales were reported, down 7.7 percent from last year.
The foreclosure rate as measured by the number of households per completed foreclosure also declined in Mesa County during May. The county reported one completed foreclosure for every 973 households. In May 2010, the rate stood at one foreclosure for every 616 households.
Mesa County ranks third among 12 metropolitan counties in Colorado in terms of the latest foreclosure rates. Weld County ranks first with one completed foreclosure for every 891 households. Adams County comes in a close second with one foreclosure for every 899 households.
Foreclosure filings and sales for the 12 metro counties both were down in May compared to the same month last year. A total of 2002 filings were reported, down 24 percent. A total of 1,167 sales were reported, down 20 percent. May marks the six straight month in which year-over-year filings and sales declined.
Comparing the first five months of 2011 with the same period last year, filings dropped 31.7 percent, while sales dropped 18.4 percent.
An analysis of a six-month moving average for filings and sales reflects an overall downward trend in sales since June 2010. Filings peaked in mid 2009 following large job losses in Colorado beginning in late 2008.