Boulder, state see foreclosure rates take dive in 1Q

Posted by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, June 10th, 2014 at 11:27am.

Boulder County reported the lowest foreclosure rate among all of Colorado’s metropolitan counties in the first quarter of 2014, with one completed foreclosure per 3,853 households, according to the Colorado Division of Housing.

It also had the second biggest decline – 32.3 percent – in foreclosure filings, while Broomfield County’s filing declined 61 percent.

New foreclosure filings were down 24.7 percent throughout the state during the first three months of 2014 compared with the first quarter of 2013: 3,441 foreclosure filings were reported from January through March of 2014, compared with 4,571 during the same period last year.

Colorado’s foreclosure auction sales, or completed foreclosures, took a significant dive of 41.5 percent over the first quarter of 2013, from 2,935 to 1,718 in the first quarter of 2014, the Division of Housing reported. Approximately one foreclosure sale was completed per 1,141 households for the first quarter of 2014 statewide.

Mesa County, with a foreclosure rate of one per every 408 households, was the only metropolitan county found among the counties with the top 10 foreclosure rates. Most of the counties in the top 10 were mountain and rural counties including Teller, Las Animas and Delta counties, according to the Division of Housing.

El Paso County reported the highest foreclosure rates of the metropolitan counties, with a rate of one foreclosure per 969 households. It was also the only metro county to report a year-over-year increase – 6.4 percent – in foreclosure filings, from 549 in the third quarter of 2013 to 584 in the first quarter of 2014.

Larimer County’s foreclosure filings fell 36.3 percent compared with a year ago, and Weld County’s dipped 21.8 percent.

Although foreclosure activity was down year-over-year, filings and sales increased from the fourth quarter of 2013 to the first quarter of 2014. Foreclosure filings rose 15.4 percent from 2013’s fourth-quarter total of 2,981 to 2014’s first-quarter total of 3,441. Foreclosure sales rose 4.1 percent from 1,650 to 1,718 over the same period.

“Foreclosures have been rising from late 2013’s very low totals," said Ryan McMaken, economist for the Division of Housing. “But the increases are rather small and foreclosure totals remain near 10-year lows."           

Tom Kalinski 
Owner and Founder
RE/MAX of Boulder

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