Foreclosure filings in Colorado rose for the first eight months of the year while the number of completed foreclosures fell nearly 26%, the Colorado Division of Housing said this week.
Filings in the first eight months of the year increased 4% over year ago levels in Colorado, while foreclosure auctions cooled, suggesting fewer homes are making it to foreclosure.
Colorado foreclosure auction sales fell 10.4% annually in August from 1,497 sales a year ago to 1,341 transactions last month. Foreclosure filings also declined to 2,287 from 2,325 last year.
"With all of the slowdowns and administrative delays that pushed foreclosure filings down so far last year, I expected a larger increase in filings this year that we're seeing," said Ryan McMaken, a spokesman for the Colorado Division of Housing. "Instead, new foreclosures are only up slightly this year, while completed foreclosures really dropped off, reflecting last year’s big drop in new filings."
Counties with the largest drop in auction sales included Douglas County (located between Denver and Colorado Springs) and Denver County, where auction sales fell 37.9% and 37.2%, respectively.