DENVER-
Foreclosures tracked by the state shows the number of people losing their homes have more than doubled since 2003, but isn’t as high as previously reported, the Colorado Division of Housing said Tuesday.
Between 2005 and 2006, foreclosures have increased 31 percent from 21,782 to 28,435 and are up 110 percent from 13,575 in 2003, according to a study of Public Trustee data by the Colorado Division of Housing. A widely cited report by a private firm estimated that foreclosures were up 85 percent since 2005.
Part of the discrepancy is how the data is analyzed.
“It is not unusual that 20 percent to 40 percent of foreclosure filings will not proceed all the way to foreclosure sale,” according to the report. “This means that, depending on the county, only 60 percent to 80 percent of foreclosures opened actually proceed to final foreclosure.”
The Colorado Division of Housing plans use Public Trustees foreclosure data for a quarterly report.
