Foreclosure filings and completed foreclosures plummeted in Colorado during the month of February as low inventory levels, higher home prices and competitive mortgage rates made it easier for distressed borrowers to sell a house to escape debt, the Colorado Division of Housing said Wednesday.
The division reported that foreclosure filings in Colorado metro counties fell 43.6% year-over-year last month.
Meanwhile, foreclosure auction sales in Colorado metro areas fell 41.9% in February, declining from 1,248 last year to 725 in February.
Foreclosure filings for the same period fell to 1,160 from 2,056.
"There are few ways to describe this other than as a big drop off in foreclosure filings," said Ryan McMaken with the Colorado Division of Housing. "It’s getting easier to sell a house to get out of trouble. Low mortgage rates and low inventory continue to be big factors."
Looking at just the months of January and February, foreclosure filings are already down 34.5% from last year in the state of Colorado.