Foreclosures drop 34.7% in Colorado
Foreclosures filed in Colorado dropped 34.7% last month when compared to February of 2010, a new report from Colorado's Division of Housing says. In February, the state recorded 1,986 foreclosure filings, down from 3,042 filings a year earlier. Foreclosure sales at auction also fell 10.7% between January and February, continuing a trend that began last year when lenders slowed foreclosure auction sales in the wake of the robo-signing controversy. Year-over-year foreclosure sales in February fell 19.6% to 1,338 completed transactions. In late 2010, companies put the breaks on the foreclosure process to check up on issues related to the robo-signing of paperwork. By October, many lenders had phased out their delays in auction sales, which means sales at auction "continue to move upward" even though they still fell below January levels last month, the Colorado Division of Housing says. Colorado's latest report shows an ongoing trend of fewer foreclosure filings. In January, Northern Colorado experienced a 21% drop in foreclosure filings. Boulder County — an affluent community north of Denver — saw only 75 properties enter foreclosure. Nationwide, lenders filed foreclosures or repossessed 225,101 properties in February, a 27% drop from one year before and the lowest total in three years, according to the most recent report from RealtyTrac. Write to Kerri Panchuk.