No Signs of Improvement in Foreclosure

Posted on September 11th, 2007 by hinson

Foreclosure continues to rise. There is absolutely no change in the foreclosure situation. In the second quarter of the year 2007, nearly 10,017 fresh filings were made for the foreclosure of properties in Colorado. This has raised the number of filings to 19,460. According to the recent statistics submitted by the Colorado Division of Housing, the foreclosure filings have climbed up by 6% from the first quarter to the second.

The United States is expected to see a further rise of almost 25% by the end of this year. It is expected that the foreclosure filings will increase drastically and create a chaos all over the nation. In the year 2006, a total of 28,435 foreclosure filings were reported. The report also indicates as to how many properties went through the entire process of foreclosure. In the initial six months of the year 2007, there were almost 11,908 foreclosure sales which are much higher than the foreclosure sales that took place last year. In the previous year, the foreclosure sale for the entire year was 13,643.

From 2003, the rate of foreclosure has shooted to as high as 118%. Foreclosure sale is the last stage of foreclosure in which the foreclosed property is sold off at public auction 45-60 days after the filing for foreclosure has been made. The foreclosure sale is an indication of the fact that the homeowner has lost the right to pay back the home loan. Maximum foreclosure filings have been made in the counties of Denver and Adams.

The rate of foreclosure filings have increased from 1,456 to 1,734 in the past two quarters. Denver is also following the footsteps of Adams County with the foreclosure filings increased from 1,940 to 2,151. In rest of the counties, the rate of foreclosure filings has still been slow. The foreclosure activities were comparatively not much in the second quarter. Foreclosure sales were primarily high in the big Front Range counties.

In the county of Arapahoe, the foreclosure filings declined by 6%. However in the foreclosure sales, there was an increase by 13% from first quarter to the second. Pueblo County also saw a decrease in the foreclosure filings, but unfortunately the foreclosure sales were pretty high. As a whole, in Colorado, there was an increase in the foreclosure sales by 13%. From first quarter to second, the number of foreclosure activities mounted from 5,586 to 6,322. The foreclosure crisis is increasingly wreaking havoc on the entire nation and is becoming a matter of worry.

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