Colorado Foreclosures Drop 19% in 2012!

Some more incredibly positive news was released on Tuesday. This time, the report originated directly from the Colorado Division of Housing and detailed the number of sold at auction during 2012. The numbers were dramatic.

According to the report, the number of Colorado foreclosures in 11 of the 12 metro counties in the state showed year-over-year declines. the only metro area that did not show this improvement was the Pueblo County area. This is great news for the Denver and Colorado Springs areas as and were down significantly.

From the Denver Business Journal:

New foreclosure auction sales of homes in Colorado were down nearly 19 percent in 2012 from the year before, with 11 of the state’s 12 metropolitan counties reporting year-over-year declines, according to a report released late Tuesday by the Colorado Division of Housing.

Colorado had 15,903 foreclosure auction sales, or completed foreclosures, in 2012, compared with 19,617 in 2011, the report said.

In the fourth quarter alone, foreclosure auction sales dropped 7.3 percent to 3,706, versus 4,057 in the fourth quarter of 2011.

New foreclosure filings also fell in 2012, declining 10.6 percent to 28,579 from 31,975 in 2011. Foreclosure filings in the fourth quarter were down 33.4 percent, falling to 5,685 from 8,540 in the same period of 2011.

As always, the foreclosure numbers for individual cities and neighborhoods varies. If you would like a detailed report on a specific area, call our team. We'll show you not only how many foreclosures have been sold in an area, but how those sales are affecting home values and how they look to impact resale value down the road.

Even in this improving market, appraisers are still hesitant to discount foreclosures too heavily and we still have to fight to show values in some instances. If you are thinking of entering this market, make sure you have an experienced team behind you! Our team has extensive experience with foreclosures across the front range. Denver foreclosures and Colorado Springs foreclosures can be very different. Let us show you what to look for and how to make winning bids!