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GLENWOOD SPRINGS, Colorado — Garfield County Public Trustee Bob Slade has been exceptionally busy this year dealing with what he called a “huge” increase in foreclosures.
“The foreclosure listings have gone up significantly this year,” Slade said.
According to Slade, the number of foreclosures his office has opened for the first seven months of 2009 have almost doubled the amount for all of 2008.
Slade said that Garfield County has seen 208 total foreclosures from Jan. 1 through July 31 of this year. Whereas, 2008 only had 108 total.
“And they're still coming in,” Slade said.
Between Jan. 1 and March 31, 2009, Slade's office already had 54 foreclosures opened, exactly half of the 2008 total. But over the next four months he received 154 filings.
According to the Colorado Department of Local Affairs Division of Housing, foreclosures statewide have reached a record high in the second quarter, at 12,135 new foreclosure filings. The number of new filings grew the mid-year total to 22,644, according to the Division of Housing report.
Of the filed foreclosures, however, completed foreclosure mid-year totals were at 9,353.
Statewide, in 2008 Colorado saw a total of 39,333 filings, with 21,301 total completed foreclosures, according to the report.
Neighboring Mesa County has seen a 143 percent increase in foreclosure filings from 2008 to 2009, according to the Division of Housing report.
The report stated that while an increase in foreclosure filings was expected, many lenders and investors enacted both formal and informal moratoria on foreclosures, slowing down the process for many. But, as these moratoria were phased out, officials expected to see an increase in the number of new foreclosures.
“While new foreclosure filings are showing notable growth, the number of completed foreclosures has still not returned to the levels experienced during 2007 and 2008,” the report stated.
But that may not be true for Garfield County, which could reach the highest levels of foreclosures since they hit their peak of 244 in 1985, according to trustee records. Earlier in the year Slade projected that foreclosures could reach as much as 209 by year's end; now he projects that number could climb as high as 344.
Of the 208 filings that have opened this year, Rifle has been hit the hardest with 48, followed by Carbondale with 41 and Glenwood Springs with 33. New Castle had the fewest filings with 23. However, according to trustee records, 165 of the current filings are pending sales, and 24 have been withdrawn before completion.
According to the Division of Housing report, foreclosure rates were highest in Front Range and eastern Colorado. In metropolitan counties like Adams County the completed foreclosure rate was 1 for every 117 households. In places like Denver and Weld Counties the completed foreclosure rates were 1 for every 169 households, and 1 for every 120 households, respectively.
Whereas, western Colorado counties like Garfield County still fared much better with a ratio of completed foreclosures of 1 for every 1,451 households, according to the Division of Housing report.
jgardner@postindependent.com
“The foreclosure listings have gone up significantly this year,” Slade said.
According to Slade, the number of foreclosures his office has opened for the first seven months of 2009 have almost doubled the amount for all of 2008.
Slade said that Garfield County has seen 208 total foreclosures from Jan. 1 through July 31 of this year. Whereas, 2008 only had 108 total.
“And they're still coming in,” Slade said.
Between Jan. 1 and March 31, 2009, Slade's office already had 54 foreclosures opened, exactly half of the 2008 total. But over the next four months he received 154 filings.
According to the Colorado Department of Local Affairs Division of Housing, foreclosures statewide have reached a record high in the second quarter, at 12,135 new foreclosure filings. The number of new filings grew the mid-year total to 22,644, according to the Division of Housing report.
Of the filed foreclosures, however, completed foreclosure mid-year totals were at 9,353.
Statewide, in 2008 Colorado saw a total of 39,333 filings, with 21,301 total completed foreclosures, according to the report.
Neighboring Mesa County has seen a 143 percent increase in foreclosure filings from 2008 to 2009, according to the Division of Housing report.
The report stated that while an increase in foreclosure filings was expected, many lenders and investors enacted both formal and informal moratoria on foreclosures, slowing down the process for many. But, as these moratoria were phased out, officials expected to see an increase in the number of new foreclosures.
“While new foreclosure filings are showing notable growth, the number of completed foreclosures has still not returned to the levels experienced during 2007 and 2008,” the report stated.
But that may not be true for Garfield County, which could reach the highest levels of foreclosures since they hit their peak of 244 in 1985, according to trustee records. Earlier in the year Slade projected that foreclosures could reach as much as 209 by year's end; now he projects that number could climb as high as 344.
Of the 208 filings that have opened this year, Rifle has been hit the hardest with 48, followed by Carbondale with 41 and Glenwood Springs with 33. New Castle had the fewest filings with 23. However, according to trustee records, 165 of the current filings are pending sales, and 24 have been withdrawn before completion.
According to the Division of Housing report, foreclosure rates were highest in Front Range and eastern Colorado. In metropolitan counties like Adams County the completed foreclosure rate was 1 for every 117 households. In places like Denver and Weld Counties the completed foreclosure rates were 1 for every 169 households, and 1 for every 120 households, respectively.
Whereas, western Colorado counties like Garfield County still fared much better with a ratio of completed foreclosures of 1 for every 1,451 households, according to the Division of Housing report.
jgardner@postindependent.com
