New foreclosure filings in Colorado reached a record high of 12,468 during the third quarter, according to a report released Thursday by the Colorado Division of Housing.
The number of completed foreclosures grew to 5,618, the third consecutive quarter they’ve increased. Despite the growth of recent quarters, the total number of completed foreclosures fell during the first three quarters when compared to the same period last year.
Industry observers say completed foreclosures are down because borrowers are seeking help with loan modifications from Colorado’s foreclosure hotline.
“Loan modifications are being offered in record numbers,” said Shannon Peer, director of housing counseling at Brothers Redevelopment. “Counselors are working with borrowers to get them into trial modifications and we are starting to see some of the permanent modifications come through.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
