Condo foreclosures and home foreclosures fell in Colorado last year. However, industry analysts warned that it is still early to declare a housing recovery. By ForeclosureDataBank.com
The number of foreclosure-related filings, which include condo foreclosures, has declined in Colorado last year compared with 2009 levels. Industry analysts and experts have cautioned, however, that the data is too limited to decide whether the state's housing market is already climbing out of the bottom or is just experiencing a seasonal decline.
Denver foreclosures and distressed property numbers in most metro areas of the state posted declines last year, with Boulder recording the lowest rate among metro counties in the region. A total of 46,394 foreclosure filings were recorded in Colorado in 2010, down 8% compared with 2009 levels. Meanwhile, foreclosed properties sold at auctions increased by 16.9% from year-ago levels, something that analysts did not find surprising, given the amount of foreclosures in the last couple of years.
Analysts also stated that the peak of Colorado foreclosures in 2009 was largely due to unemployment. If the market is to improve for the rest of 2011, they claim that a healthy economy is necessary, along with a lower unemployment rate for the region. For last year, the lowest foreclosure rate for the fourth quarter was recorded in Boulder County, with the area having one household out of every 1,071 housing units under foreclosure in 2010.
Looking at individual metro areas, the Boulder-Longmont region is expected to have fewer residential and condo foreclosures during the year as the number of underwater loans in the metro was one of the lowest in the whole Colorado state. Around 6.3% of mortgages in Boulder-Longmont were underwater last year.
In terms of housing unit prices, Boulder County was able to maintain a relatively stable price in 2010. Boulder City, on the other hand, was only 1.8% below the $662,000 price recorded in 2007, which was the highest selling rate recorded in the area since the number of foreclosure houses started increasing in the region. The area with the highest foreclosure rate in the state last year was Weld County, with one household out of every 260 units.
Although statewide figures for residential and condo foreclosures showed positive movements last year, several mountain counties of the state posted higher year-by-year foreclosure rates. Areas like Elbert, Park, and Gilpin all recorded higher foreclosure numbers in 2010.
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