Colorado Foreclosure Activity Drops in November
Foreclosure filings and sales in Colorado?s largest counties continued to decline in November, according to a report from the Colorado Division of Housing. This trend is largely attributed to internal investigations into lenders? foreclosure procedures, which have been under increased scrutiny in the past several months.
New foreclosure filings in Colorado?s 12 most populous counties fell from 3,059 in October to 2,932 in Novembera 4.2 percent change. Foreclosure sales also dropped, from 1,308 in October to 1,195 in Novemberan 8.6 percent change. "When we heard about the whole robo-signing thing, we figured ahead of time that we would see this big drop in sales," said Ryan McMaken, a spokesman for the Housing Division. Many lenders halted foreclosure filings and sales when accusations of improper affidavits and ?robo-signers began to fly. Bank of America, the nation's largest mortgage servicer, stalled all foreclosure sales across the U.S. for several weeks. The decline in foreclosure activities comes following an even bigger drop in October, when Colorado foreclosure sales dropped 38 percent from the previous month.
In addition to this month-to-month decline, year-to-date foreclosure filings are also down in Colorado?s 12 most populous counties, with a 10 percent decline from 2009 levels. Meanwhile, foreclosure sales are up 14.6 percent from 2009 levels, indicating that more homeowners who enter foreclosure lose their homes,
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