November - Colorado Department of Education

Monthly Metropolitan Foreclosure Report, November 2009 Colorado Department of Local Affairs – Division of Housing Introduction The Division of Housing now releases monthly data on foreclosure filings and foreclosure sales in metropolitan counties in Colorado. These reports are a supplement to the Division’s quarterly statewide foreclosure reports available at the Division’s web site: http://dola.colorado.gov/cdh/ Foreclosure filings represent the point at which the legal foreclosure process begins. The foreclosure sale represents the point at which the foreclosure process is completed. Since not all filed foreclosures proceed all the way through the foreclosure process, the total number of completed foreclosures in each time period is usually smaller than the total number. These numbers represent estimates since each filing does not necessarily represent a unique property, and foreclosure totals also include a small number of foreclosed commercial property and vacant land. The foreclosure sales number approximates the number of unique properties that have been foreclosed with ownership reverting to the lender or passing to a third party. Foreclosure filings are a useful indicator of future foreclosure sales activity and of recent mortgage delinquency activity. Findings Comparing year-over-year, foreclosure filings in November increased 11.8 percent overall with totals rising from 2,506 to 2,802. Foreclosure sales fell 0.5 percent from 1,520 to 1,512. Comparing year-to-date data, including totals from January through November, foreclosure filings increased 12 percent from 32,744 to 36,628. Foreclosure sales fell 13 percent from 17,160 to 14,975. Comparing year-to-date data, foreclosure sales totals increased 11 percent in El Paso County and increased substantially in Boulder and Mesa Counties with increases of 126 and 181 percent respectively.

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All other counties reported decreases or no change. Adams, Arapahoe, and Denver Counties all reported decreases of 20 percent or more. Pueblo and Weld Counties reported changes of zero percent. Foreclosure activity overall fell from October to November. Foreclosure filings fell 13 percent from 3,234 to 2,802. Foreclosure sales totals fell 0.4 percent from 1518 to 1512. Only El Paso, Arapahoe, and Denver Counties reported an increase in foreclosure sales totals from October to November. Year-over-year comparisons of year-to-date filings totals for January through November: County Adams Arapahoe Boulder Broomfield Denver Douglas El Paso Jefferson Larimer Mesa Pueblo Weld Total

2008 5227 5426 947 248 5717 1922 4179 3340 1493 442 1222 2581 32744

2009 5215 5590 1316 306 5740 2408 4886 3670 1947 1058 1456 3036 36628

Pct change 0 3 39 23 0 25 17 10 30 139 19 18 12

YTD comaprison 08-09

2008 YTD Filings 2009 YTD Filings

A Ar da ap m a s Bo ho Br u e oo ld m er D field e D nv ou er El gla Je Pa s ffe so La rso rim n M er Pu esa eb W lo el d

7000 6000 5000 4000 3000 2000 1000 0

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Year-over-year comparisons of year-to-date sales totals for January through November: County Adams Arapahoe Boulder Broomfield Denver Douglas El Paso Jefferson Larimer Mesa Pueblo Weld Total

2008 3232 3222 159 116 4220 998 2010 1746 759 102 717 1449 17160

2009 2515 2585 360 113 2810 948 2234 1508 727 287 719 1448 14975

-22 -20 126 -3 -33 -5 11 -14 -4 181 0 0 -13

YTD Comparison 08-09

2008 YTD Sales 2009 YTD Sales

Ar Ada ap m a s Bo ho Br u e oo ld m er D field e D nv ou er El gla J e Pa s ffe so La rso rim n M er Pu esa eb W lo el d

5000 4000 3000 2000 1000 0

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Year-over-year comparison of November foreclosure filings totals:

November 336 490 84 21 399 122 325 276 118 40 112 183 2506

November 379 421 114 29 470 171 370 288 148 93 94 225 2802

November foreclosure filings totals

600 500 400 300 200 100 0

2008 filings total

Weld

Pue blo

Mesa

Larime r

on Jeffers

El Pas o

Arapah oe Bou lde r Broom field De nve r Do ugla s

2009 filings total

Ada ms

Foreclosure Filings Total

County Adams Arapahoe Boulder Broomfield Denver Douglas El Paso Jefferson Larimer Mesa Pueblo Weld

Percent change over Nov. 2008 12.8 -14.1 35.7 38.1 17.8 40.2 13.8 4.3 25.4 132.5 -16.1 23.0 11.8

County

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Year-over-year comparison of November foreclosure sales totals:


November 266 209 40 9 317 67 177 196 63 16 48 112 1520

November 201 251 27 11 243 98 221 151 60 46 70 133 1512

Percent change over Nov. 2008 -24.4 20.1 -32.5 22.2 -23.3 46.3 24.9 -23.0 -4.8 187.5 45.8 18.8 -0.5

400 300 2008 sales

200

2009 sales

100 0 Ad am s Ara pah oe Bo u ld er Bro om fiel d De nve r Do ugl as El P aso Jef fers on Lar ime r Me sa Pu e bl o We ld

Foreclosure sales total

November foreclosure sales totals

County

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Month-over-month comparisons 2009 October-November change in foreclosure filings totals:


October 417 533 112 19 480 219 434 343 165 154 116 242 3234

November 379 421 114 29 470 171 370 288 148 93 94 225 2802

Pct Change from previous month -9.1 -21.0 1.8 52.6 -2.1 -21.9 -14.7 -16.0 -10.3 -39.6 -19.0 -7.0 -13.4

Oct to Nov filings change

600 500 400 300 200 100 0

ap

Ar

Ad

am

s ah Bo oe Br u ld oo er m fie De l d n Do v er ug El las P J e as ffe o rs La on rim e M r e Pu s a eb lo W eld

Oct-09 Nov-09

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2009 October-November change in foreclosure sales totals:


October 245 220 58 15 236 105 171 151 61 39 73 144 1518

November 201 251 27 11 243 98 221 151 60 46 70 133 1512

Pct Change from previous month -18.0 14.1 -53.4 -26.7 3.0 -6.7 29.2 0.0 -1.6 17.9 -4.1 -7.6 -0.4

Oct to Nov Sales change 300 250 200 Oct-09

150

Nov-09

100 50

Ad a Ar m s ap ah o Bo e ul d Br oo er m fie ld D en ve r D ou gl a El s Pa Je so ffe rs o La n rim er M es a Pu eb lo W el d

0

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Foreclosure sales rates in each county: For each county, the number in the right-hand column indicates the number of households per foreclosure completed during the month of November 2009.


2515 2585 360 113 2810 948 2234 1508 727 287 719 1448 14975

No. of households per completed foreclosure 61 85 326 175 94 104 99 140 157 199 84 61 128

Monthly foreclosure filings totals for metropolitan counties, January 2008November 2009. Note that August 2008 shows a sizable drop in total filings. This was due to changes in law that took effect on August 1. HB 1402 required that a new notice period of 30 days be implemented, and this pushed back the execution of foreclosure filings by 30 days on many properties.

Ja Fe nua r bru y Maary rc Ap h r Ma il Ju y ne Ju Se Aug ly p te us t Ocmber No tob e De vemb r ce e r m Ja be r Fe nua r bru y a M a ry rc Ap h r Ma il Ju y ne J u Se Aug ly p te us m t Oc ber No tob ve e r mb er

4500 4000 3500 3000 2500 2000 1500 1000 500 0

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Monthly foreclosure sales totals for metropolitan counties, January 2008- November 2009. Note that March and April 2008 totals for foreclosure sales were extremely low. This was due to a new foreclosure process time line taking effect on January 1 of 2008. The new time line was structured in such a way that few foreclosures could proceed to sale during March and April of that year.

2500 2000 1500 1000 500

Jan u Feb ary rua ry Ma rch Apr il May Jun e July A Sep ugust tem b Oct er Nov ober em Dec ber emb Jan er u Feb ary rua ry Ma rch Apr il May Jun e July A Sep ugust tem b Oct er Nov ober emb er

0

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