A pair of bills meant to help homeowners avoid foreclosure passed in the Colorado House. What would these bills change? HB14-1295: 1. Prohibits “dual tracking,” in which a lender negotiates with a borrower while simultaneously pursuing foreclosure. 2. Requires a lender to establish a single point of contact for the borrower to communicated with the […]
Third in the Nation for Falling Foreclosure Percentages
April 7, 2014 by Leave a Comment
Nationally, foreclosures are down 32.71 percent, however, here in Colorado the number of residential foreclosures last month fell by an incredible 76.31 percent from a year ago. RealityTrac counted 290 foreclosure sales in the state during February, which places Colorado in third place – behind Vermont and South Dakota – for the largest year-over-year percentage […]
Holiday Encouragement Part 3: Falling Foreclosures
December 17, 2013 by Leave a Comment
Ryan McMaken, an economist for the Colorado Division of Housing, recently stated that “Foreclosure activity is quickly moving toward what we consider to be a ‘normal’ rate”. Foreclosure filings in Colorado were down 46.1% through the first nine months of 2013, from the same period a year ago, and foreclosure auction sales dropped 36.9%. Through […]
Holiday Encouragement Part 1: Unemployment Dropping
December 11, 2013 by Leave a Comment
According to the Colorado Department of Labor and Employment, the state’s unemployment rate eased to 6.8%, its lowest level in nearly five years. The last time Colorado’s official jobless rate was that low was in January 2009, when the rate stood at 6.7% on its way up to highs over 9% in 2010. The rate […]
Waiting Periods Waived
September 30, 2013 by Leave a Comment
The Great Recession that started in late 2007 forced many responsible Colorado homeowners into mortgage loan default and/or bankruptcy. Because of this, the Federal Housing Authority (FHA) realized that credit histories don’t always reflect a person’s true ability or willingness to pay on a mortgage, and on August 15, 2013, announced its shortening of the […]
Pre-Recession Levels
August 2, 2013 by Leave a Comment
Denver home prices have officially risen to pre-recession levels with a 9 percent year-over-year increase during the second quarter. June brought 9,187 homes for sale, up from the 8,214 available in May, with sales increasing 3 percent from May and 7 percent from June 2012. It is true that interest rates have slightly increased, but […]
Falling Foreclosure Rates Prove A Stabilizing Market
May 22, 2013 by Leave a Comment
“The decline in foreclosures has been a statewide phenomenon so far this year,” said McMaken, an economist with the Colorado Division of Housing. Both foreclosure filing totals and foreclosure auction sales totals were the lowest quarterly totals collected in any quarter since the Division of Housing began tracking quarterly totals in 2007. Foreclosure sales occur […]
Colorado’s Foreclosure-Filing Rate
April 3, 2013 by Leave a Comment
Colorado’s foreclosure-filing rate is looking brighter. This February, it dropped 20 percent from January and 44 percent from February 2012 For the last couple of years, Colorado has had among the top 10 highest foreclosure filing rates in the nation. Last month, we dropped down to the 16th highest, a significant improvement. The number of […]
Foreclosures Down
January 5, 2013 by Leave a Comment
Declines in foreclosures this year have been larger than expected. Foreclosure filings in twelve Colorado urban counties (including Denver, Adams, Arapahoe, Boulder, Broomfield, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo and Weld) have fallen to their lowest level since the state began collecting data in 2007. In Denver County, foreclosure filings declined 35.9 percent in […]