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Colorado Foreclosure Filings Up, Sales Down in July

In Colorado, foreclosure filings were on the rise year-over-year in July, while foreclosure sales were down, according to a report from the ""Colorado Division of Housing"":http://www.divisionofhousing.com/.

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Foreclosure filings, which represent the beginning of the foreclosure process, spiked up 14 percent to 1,976 in July from 1,733 a year ago the same month.

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Foreclosure sales, which represent the time when the foreclosure process is completed, fell 23.7 percent to 865 compared to 1,134 a year ago. The drop in July is the lowest level in six years.

Month-over-month, filings fell 15 percent, while foreclosure sales were down 12 percent.

The report also noted that foreclosure filings were on a downward trend between January 2011 and July 2011, but started to climb in July 2011. On the other hand, foreclosure sales stayed flat for the first half of 2011, but have been declining since August 2011.

According to the report, foreclosure filings tend to peak late in the first quarter and early in the second quarter - a trend that is likely due to households defaulting on mortgages after the holidays.

Foreclosure sales have shown a different pattern and tend to peak in both January and February and during summer and early fall. The report stated this likely occurs in January and February because the speed in which foreclosures are processed picks up after the holidays since certain servicers refrain from enforcing foreclosures during the holidays.

About Author: Esther Cho

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