Comparing year-over-year from 2009 to 2010, foreclosure filings in January decreased 3.2 percent overall with totals falling from 2,819 to 2,729. Foreclosure sales increased 60.7 percent from 1,193 to 1,917.
However, when compared to January 2008, both foreclosure filings and foreclosure sales were down. January filings decreased 17.4 percent from January 2008 to January 2010, and foreclosure sales fell 29.2 percent during the same period.
The increase in foreclosure sales rates between January 2009 and January 2010 can in part be attributed to an exceptionally low number of foreclosures proceeding to sale during the early months of 2009. This resulted from a series of moratoria on foreclosures imposed by Fannie Mae, Freddie Mac and other large owners of mortgage loans. The moratoria prevented foreclosures from proceeding to the end of the process, but did not reflect overall improvement in the real estate markets. As the moratoria were phased out in the Spring of 2009, foreclosure sales totals began to increase.
Source: Colorado Department of Local Affairs – Division of Housing
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