Housing Division: Colorado foreclosure filings drop in Q4, 2010
Denver Business Journal
Date: Thursday, February 10, 2011, 11:03am MSTRead more: Housing Division: Colorado foreclosure filings drop in Q4, 2010 | Denver Business Journal
Foreclosure filings for Colorado in 2010’s fourth quarter were down 4.8 percent from the same period of 2009, indicating some recovery in the state’s real estate market, but continuing challenges because of unemployment, according to a Colorado Division of Housing report released Thursday.
Filings, which are the beginning of the foreclosure process in this state, dropped to 10,736 in last year’s final period from 11,282 year over year.
Fourth-quarter foreclosure sales at auction, the completion of the foreclosure process, dropped 14.2 percent to 4,691 from 5,466 year over year.
The state’s foreclosure data is for both residential and commercial real estate properties.
“The sustained declines in new foreclosure filings likely indicate that households are finding ways to avoid entering the foreclosure process, and that mortgage companies are initiating fewer foreclosures,” the housing division report said. But joblessness and lowered income, according to housing counselors and lenders, will continue to be problems for homeowners.
“Until job gains occur more quickly, and home prices and sales rise more solidly, many metro Denver residents remain at risk for default,” said a recent 2011 economic forecast by the Metro Denver Economic Development Corp.
Read more: Housing Division: Colorado foreclosure filings drop in Q4, 2010 | Denver Business Journal
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