An article in the Denver Post reported that foreclosure auction sales hit a five-year low in May, while foreclosure filings were up according to report released today by Colorado Division of Housing. Foreclosure filings are the initial filing that begins the foreclosure process. Foreclosure action sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.
Filings are up a little over 12% compared to last year in May and over the same period, foreclosure auctions sales were down 17.3%, falling to the lowest May sales total recorded since 2008.
What we can get from this is that since foreclosure auction sales have been down, comparing year over year, we can say that fewer people have been losing their homes to foreclosure this year compared to previous 5 years, BUT on the other hand filings continue to rise. Since some of those filings will turn into repossessed homes in the future, we can see that foreclosures haven’t gone away yet.
The county with the largest decline in foreclosure filings was Boulder County, where they decreased by 16.4%. Eleven of the 12 counties surveyed showed decreases in foreclosure auction sales during the first five months of this year.
The counties with the largest decrease in foreclosure auction sales, year over year, were Denver County and Douglas County, where auction sales decreased by almost 40%! This is great news for those counties.
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