DENVER—State figures released Thursday indicate fewer people are rescuing their homes from foreclosure than in previous years.
The Colorado Housing Division said home foreclosure filings are on pace to rise 34 percent above last year’s record 28,435, with Adams, Denver and El Paso counties leading the way.
Through the first half of this year there were 19,460 foreclosure filings across the state, a rate that lead to more than 38,000 foreclosures by the end of the year. State figures also show that the number of foreclosure sales hit 11,908 this year, compared with 13,643 in all of 2006.
Foreclosure sales compared with foreclosure filings indicate the problem is getting worse, division spokesman Ryan McMaken said. In 2003, 2004, and last year, the percentage of houses in foreclosure that ended up being sold in foreclosure auctions has been between 46 and 48 percent, indicating that a majority of people were able to save their homes.
In 2005, 58 percent of the homes in foreclosure were sold and, so far this year, 61 percent have ended up on the auction block.
“You’re in really bad shape if your home is sold at auction,” McMaken said. “This could indicate that there are fewer resources to help people escape foreclosure.”
Homeowners are able to save their homes from a foreclosure auction by paying the late payments and fees, refinancing, or selling their home through a real estate agent.
Homeowners who fall at least three months behind on their payment receive notice that their home is being foreclosed on. After 45 to 60 days and if there is no repayment, the home is sold at auction.
The figures in the state report, broken out by filings and sales, are lower than those reported by California-based RealtyTrac. For example, in the second quarter of 2007 the state said there were 10,017 foreclosure filings and 6,322 foreclosure sales while RealtyTrac reported a total of 17,852 foreclosure events.
The Housing Division’s numbers differ from calculations by the real estate firm RealtyTrac. RealtyTrac has reported a much higher number of foreclosures.
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Colorado foreclosure hotline: 877-601-HOPE (4673)
