Monday, October 19, 2009

Below is some recent newspaper coverage of my most recent foreclosure report found here:

Colorado foreclosure filings up sharply in September - Mark Harden - ‎Oct 7, 2009‎
Foreclosure filings in Colorado's cities rose 71.9 percent in September from the same month a year earlier, but state officials said the big increase was ...

County foreclosure filings up
The Coloradoan - ‎Oct 9, 2009‎
By Coloradoan staff • October 9, 2009 Foreclosure filings in Larimer County and across the state increased in September, in part because of statutory ...

Mesa County foreclosure activity soars in September
Grand Junction Free Press - Wyatt Haupt Jr - ‎Oct 9, 2009‎
A distressed Mesa County housing market continues to suffer, as the number of completed foreclosures surged more than 216 percent last ...

Foreclosure sales drop
Denver Daily News - Gene Davis - ‎Oct 8, 2009‎
Foreclosure sales at auction in Denver last month dropped 29.3 percent compared to the same time period last year, a statistic that some experts believe is ...

Foreclosure rate more than triples in Mesa County
Grand Junction Sentinel - ‎Oct 8, 2009‎
By LE ROY STANDISH/The Grand Junction Daily Sentinel The number of completed foreclosures in Mesa County more than tripled in September of this year ...

Foreclosure filings, sales increase in Larimer, Weld in September
Northern Colorado Business Report - ‎Oct 8, 2009‎
By Staff DENVER - A report issued by the Colorado Division of Housing shows foreclosure activity in Larimer and Weld counties rising sharply in September. ...

Weld foreclosure filings, sales rise in September
Greeley Tribune - ‎Oct 8, 2009‎
Weld County foreclosure filings and sales continue a gradual rise through September, but have not completely returned to top of the state. ...

Saturday, October 10, 2009

October 8 9News Interview

Here's the story that accompanied my Thursday morning interview on 9News:

Foreclosures still on the increase, but trend is slowing

KUSA - The Colorado Division of Housing has released local foreclosure statistics for September, and while the numbers continue to rise, the Division says they are improved over a year ago.

The office said "completed foreclosures" rose by 21 percent in the state from last month, but the September numbers are down 5 percent from 2008.

According to the Office of the Comptroller of the Currency (OCC), which regulates all national banks, foreclosures are "completed" when the ownership of the properties is transferred to the servicers or investors and the debts are extinguished.

The OCC website says the process varies by state and can take up to 15 months to finish.

The numbers show Mesa County led the state in foreclosures with a rise of 217 percent over 2008, with Denver County reporting a decrease of 29 percent since this time last year. Arapahoe County totals fell 13 percent.

Housing spokesman Ryan McMaken was on 9NEWS 7 a.m.

McMaken explained completed foreclosures were lower because borrowers are becoming more sophisticated in exploring alternatives to foreclosure.

"This is helpful in keeping down the number of foreclosures that proceed to the end of the process," McMaken said. "Also, the reach of the foreclosure hotline continues to expand and this has helped keep totals down."

As to why completed foreclosures increased since August, McMaken says the division has noticed a slow but growing trend of lenders processing foreclosures more quickly.

Overall, McMaken says there's little in the report to suggest that foreclosures are about to take off again in Colorado, but the problem will persist for a while as the economy continues a gradual recovery.

"I'd expect to see a little bit of growth from September to October in totals," according to McMaken, "but I still expect 2009's numbers to be either flat or lower than the numbers from last year."

The full foreclosure report is available on the Division of Housing blog: