Foreclosures climb, but at a slower pace
"Hopeful" for only a 20 percent rise
denverpost.com
Foreclosure filings in Colorado continued to surge in the first quarter, but at a slower pace than last year, according to the Colorado Division of Housing.
Public trustees reported 23 percent more foreclosure starts in the first quarter of 2008 than in the same period last year.
But that pace is slower than the 40 percent jump seen across 2007 and the 31 percent pace of 2006.
"We are hopeful we are looking at a 15 percent to 20 percent increase in foreclosures for the year," said Ryan McMaken, a Housing Division spokesman who compiles the quarterly survey.
McMaken said he never thought a 20 percent jump would look good, but it does after last's year huge surge.
Public trustees recorded 11,630 foreclosures between January and March, and 5,875 cases where a borrower lost the home at auction.
A change in foreclosure rules at the start of the year extended the time that delinquent borrowers have to get caught up on their loans before the home goes to auction. That reduced the number of auction sales in March and April, McMaken said.
Adams County remained the hardest-hit area, with one foreclosure filing per 86 households during the quarter. Weld County was next, with a foreclosure rate of one per 102 households.
Douglas County had the sharpest jump in foreclosures during the quarter, 78 percent, while El Paso County reported a 47 percent jump.
Foreclosures in Pueblo were flat compared with a year ago, and Denver, another hard-hit area, saw a rise of only 5 percent during the first quarter.
In Summit County, one foreclosure filing was recorded for every 240 households, a rate on par with Larimer County |
