It was recently reported that the Colorado Division of Housing announced that the number of homes and commercial properties entering foreclosure have stabilized back down to pre-2007 levels. Boulder County has one of the lowest foreclosure rates in the state of Colorado. Unemployment is also very low in Colorado and this is certainly a factor in this new development.
Ryan McMaken, the Division of Housing spokesman and other state officials, have addressed that where unemployment rates are among the lowest in the state, these areas also have some of the biggest declines in foreclosures.
Reports shows that there were 7,076 foreclosure filings statewide in the third quarter. This was a 11.8% decrease from the third quarter of 2011. While other states such as New Jersey have seen an increase in foreclosure filings, Colorado’s foreclosure filings fell by 2.2%, according to the Division of Housing.
While the state’s housing market has shown much improvement, Colorado still had 22,920 new foreclosures reported in September. In Boulder County, 214 properties entered foreclosure in the third quarter, representing a 9.7% decreased from 2011. In Broomfield, the number dropped 20.6 percent, to 50 homes.
In Boulder County, 94 properties were sold at a foreclosure auction in the quarter, a 21.7% decrease from 2011. Broomfield saw a 17.9 percent drop, from 28 to 23 sales. Statewide, there was a 24% drop to 11,898 auction sales on a year-to-date comparison. We can certainly add Colorado to the list of states where foreclosure filings have gone down.