Colorado foreclosure filings plummet 24% in May
Foreclosure filings in Colorado metro areas fell 24% in May to 2,002 from 2,633 a year earlier, the Colorado Division of Housing said in a new report Tuesday. Foreclosure auction sales also plummeted 20% last month, with metro areas across the state completing 1,176 sales, compared to 1,459 sales a year earlier. Overall, foreclosure filings and foreclosure auction sales stayed with trend, declining for a sixth month in a row in Colorado metro areas. When making year-to-date comparisons, foreclosure filings and foreclosure auction sales are down 31.7% and 18.4%, respectively, over last year. "Foreclosure sales at auction are now at a 26-month low, and foreclosure filings have been near 30-month lows for the past three months, although foreclosure totals remain at historic highs," said Ryan McMaken, a spokesman for the Colorado Division of Housing. "Lenders and servicers have been proceeding unusually slowly through the foreclosure process during the past seven or eight months, and as that happens, there's less foreclosure activity to report." Write to Kerri Panchuk.