The Colorado Division of Housing announced foreclosure filings were up 12.8% in May, 2012 compared to last year, even though foreclosure auction sales fell 17.3%.
Foreclosure filings are the first step in the foreclosure process and in May, there were 2,259 new filings. It’s estimated 109,000 new filings were made in the US in May.
Colorado began to experience large numbers of foreclosure before most states in the US. One factor may be the relatively small amount of per capita personal income growth which continues to this day.
During one year, Colorado was the only state to experience a decline in income. If looked at logically, income growth is connected to foreclosures- if weak growth is a cause of mortgage delinquency and declining demand for home sales. This could very well be why Colorado saw more foreclosures early on.
The county with the highest rate of foreclosure sales during May was Mesa County with a rate of 852 households per foreclosure sale. Mesa County reported a 21.1% increase in foreclosure filing during the same period. The five other counties holding the top foreclosure rates during the first quarter of 2012 are; San Juan, Eagle, Garfield, Las Animas and Park. Boulder reported the lowest foreclosure rate of any metro county.
At the end of the fourth quarter, 2011, in Colorado, there were 19,434 loans in the foreclosure process. During the first quarter of 2012, 4,221 of those homes proceeded to final foreclosure sale at auction.
If you think you will be facing foreclosure, contact a foreclosure defense attorney. The sooner you do, the better.
Keith A. Gantenbein, Jr. is a foreclosure defense attorney located in Denver and servicing all of Colorado. He also handles bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant. If you think you will be facing foreclosure, or are in the foreclosure process, contact Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.