Foreclosure filings in parts of rural Colorado rose in the second quarter, even as the statewide number dropped to its lowest level in five quarters.
The state total of 10,233 foreclosure filings for the second quarter of 2010 marked a 15.7 percent drop from the second quarter of 2009, according to a report released Thursday by the Colorado Department of Local Affairs’ Division of Housing.
“Statewide, things look pretty good. There have been significant declines in foreclosure filings in the Front Range,” said Ryan McMaken, a spokesman for the state Division of Housing. “In some rural areas, there is a different story.”
While foreclosure filings in Denver dropped 30 percent to 1,134 compared with the second quarter of 2009, in Mesa County filings jumped 40 percent to 370.
The long recession and weak recovery have hurt mountain counties such as Eagle and Summit, which depend upon vacation-home sales, McMaken said.
Eagle County’s filings jumped 51 percent to 148, and Summit’s were up 23 percent to 95, compared with the second quarter of 2009.
Some Western Slope counties also have been hurt by the retrenchment of the oil and gas industry, he said.
“We’ve been getting more calls for rural areas, and some deal with agricultural and business calls. . . . That’s new,” said Stephanie Riggi, manager of the Colorado Foreclosure Hotline.
Although new foreclosure filings continue to fall and foreclosure sales are relatively stable, according to state officials, the pool of unsold houses is growing.
“Our inventory is up 1,500 homes,” said Rob Woodcock, a Realtor with Re/Max Southeast.
In addition to the growing number of homes for sale in general in metro Denver, the average time properties are on the market has stretched from two to six months, Woodcock said.
Even though mortgages are at historic lows — with rates between 4 percent and 5 percent — the expiration of an $8,000 tax credit for first-time homebuyers and continuing weakness in the economy are hampering sales, Woodcock said.
Mark Jaffe: 303-954-1912 or mjaffe@denverpost.com
