New foreclosure filings dropped to a 30-month low in Colorado’s metropolitan counties during February, according to a report released Wednesday.
Foreclosure filings fell 26.4 percent from January to February as mortgage servicers continued to process foreclosures at an unusually slow pace in response to the “robo-signing” controversy that surfaced last fall, the report by the Colorado Division of Housing said.
“The unusually large declines can be attributed, in large part, to the slowdown in processing that has continued ever since October,” said Ryan McMaken, a spokesman for the division. “What the counselors and Realtors tell me is that the banks are just concerned about more controversy about not doing these things properly. They’re also telling me that there are a surprising number of loan modifications, and people are getting continuances.”
Comparing year-over-year data, foreclosure filings fell 34.7 percent in February. There were 1,986 new foreclosure filings during February in Colorado’s metropolitan counties, compared with 3,042 a year earlier.
Year-to-date comparisons show that for the period including January and February this year, foreclosure filings are down 18.8 percent compared with the same period last year.
Foreclosure sales fell 19.6 percent from February 2010 to February 2011. There were 1,338 foreclosure sales during February 2011 in the metro counties, and 1,664 sales during February of last year.
Year-to-date comparisons show sales are down 20.8 percent for the period including January and February, compared with the same period last year. Sales also fell 10.7 percent from January to February.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
