Colorado foreclosure activity slows in fourth quarter. Foreclosure activity slowed in Colorado during the fourth quarter, remaining at high but not record levels for 2010, according to a report Thursday from the Colorado Division of Housing.
"We saw a fairly significant drop-off in foreclosure sales," said Ryan McMaken, who compiled the data from public trustees and county treasurers.
Foreclosure sales fell to 4,691 in the fourth quarter, down 14.2 percent from 5,466 in the fourth quarter of 2009.
New foreclosure filings fell to 10,736 in the fourth quarter, a 4.8 percent decline from the 11,282 filings in the same period of 2009.
For the year, Colorado foreclosure filings fell 8 percent to 42,692, while sales at auction rose 16.9 percent to 23,891.
Market watchers disagree whether the decline in the final months marks an "exhaustion" of the foreclosure problem or a temporary pause.
Lenders, led by Bank of America, delayed foreclosure sales nationwide as they dealt with processing and documentation problems in the fourth quarter.
"This is an artificial dip in the numbers from lenders holding back and giving a reprieve to borrowers," said Zachary Urban, director of housing counseling at the Adams County Housing Authority.
Calls from distressed borrowers doubled in January over December, he said.
Metro home prices, which rose for most of the year, took a significant dip in December, said Ron Woodcock, a broker with Re/Max Southeast.
"The market is softening," he said, noting that the inventory of unsold homes is also rising.
A weakening housing market, combined with a still weak job market, could fuel another wave of foreclosures.
But McMaken notes that fewer new filings last year should translate into fewer foreclosure sales this year.
Also, the populated northern Front Range counties have seen big drops in filings and sales. No metro-area counties were in the top 10 for their foreclosure rate last year, a big change from the past.
Foreclosures have worsened in resort areas like Pitkin, Eagle and Summit counties and resource-dependent counties like Mesa, Garfield and Moffat.
Source: http://www.denverpost.com
