Mesa County foreclosure update: filings up, sales down

Foreclosure rate ColoradoProperty foreclosure filings continue to increase in Mesa County at the fastest pace of any of 12 metropolitan counties in Colorado.

Foreclosure sales have relented, however, and Mesa County moved from first to second in a ranking of the highest foreclosure rates in the 12 counties in August.

According to the latest statistics from the Colorado Division of Housing, 133 foreclosure filings and 77 foreclosure sales were reported in Mesa County in August.

Compared to the same month last year, filings increased almost 55 percent.

That’s the largest year-over-year proportional gain among the 12 counties. Filings actually decreased in seven counties.

At the same time, sales in Mesa County decreased more than 22 percent compared to August 2011.

Filings constitute the beginning of the foreclosure process and offer a leading indicator of potential foreclosure sales. Filings can be cured or withdrawn before properties are sold, however.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 overall real estate prices.

 From January through August, a total of 895 foreclosure filings were reported in Mesa County, an increase of more than 26 percent over the same span last year. Once again, the increase was the largest  year-over-year proportional gain among the 12 metro counties.

Year-to-date foreclosure sales declined more than 10 percent as Mesa County joined with nine other counties in reporting year-over-year decreases.

The foreclosure rate as measured by the number of households per completed foreclosure fell in Mesa County in August to one foreclosure for every 752 households. That ranks second behind Pueblo County, which reported one foreclosure for every 574 households. Weld County came in at a close third with one foreclosure for every 788 households. In contrast, Boulder County reported the lowest foreclosure rate at one foreclosure for every 2,390 households.

A total of 2,287 foreclosure filings and 1,341 sales were reported in the 12 metro counties in August. Compared to the same month last year, filings slipped almost 2 percent and sales fell more than 10 percent.

Foreclosure auction sales fell to their lowest level for an August in six years.

Through eight months of 2012, a total of 17,241 foreclosure filings and 8,541 foreclosure sales were reported in the 12 counties. Compared to the same span last year, filings increased 4 percent and sales dropped nearly 26 percent.