During November 2016, there were 147 foreclosure sales in Colorado's metro areas, which means foreclosure sales totals are near the lowest levels ever recorded since the report was first initiated in 2007.
Foreclosure activity in general throughout 2016 has shown numerous declines throughout the year as home prices increase, job losses remain muted, and demand for real estate remains strong.
Foreclosure sales are the final stage of the foreclosure process when foreclosing properties are sold to a third party or become bank-owned.
In November, foreclosure sales were down 29 percent compared to November 2015 in the metro areas, falling from 207 during November 2015 to 147 during November 2016.
For the first eleven months of this year combined, there was a total of 2,138 foreclosure sales in Colorado's metro areas, which was down 26.3 percent compared to the same period of 2015, when there were 2,899 foreclosure sales.
Foreclosure filings, which are the first step in the foreclosure process, were up slightly in November 2016 compared to November of last year. There were 469 foreclosure filings in Colorado's metro areas, which is an increase of 0.9 percent over November 2015's total of 465. For the first eleven months of this year combined, foreclosure filings were down 5.8 percent, falling from 6,050 to 5,697 from 2016 to 2016.
2016's falling foreclosure totals continue a multi-year trend in foreclosures which have been declining since 2009 and are now at some of the lowest levels ever recorded.
The Colorado counties measured for this metro-area report are Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo, and Weld counties.
The report can be found below:
Friday, December 30, 2016
Wednesday, December 21, 2016
During September 2016 in Colorado's metro Counties, there were 438 new foreclosure filings. That's the lowest total ever recorded since I began tracking monthly totals in 2007. September 2016's total was down 13.2 percent from September 2015 when new foreclosure filings totaled 505.
"Filings" refers to "notices of election and demand" which are the first step in the foreclosure process. Filings had peaked at 4,030 in December 2007, but September 2016's total was down 89 percent from that peak.
Foreclosure "sales," which are the point in the foreclosure process where foreclosing properties are sold off at auction, are also down considerable from the 2008 peak. during September 2016, there were 158 foreclosure sales in the metro counties. That's down 38 percent from September 2015, and it's down 94 percent from the peak of 2,706 in January 2008.
Due to high price inflation for homes — and the related phenomena of high demand, moderate new construction, and rising population — foreclosure totals continue to decline, and show few signs of increasing substantially barring a significant change in current economic conditions.