RealtyTrac, a California-based foreclosure tracking service, reports that the Denver Metro area ranked number 45 in the country in new foreclosure filings during the first half of the year, signaling a continuing decline in foreclosure activity as the local housing market solidifies.
The RealtyTrac numers show a 29.43 decrease in foreclosure filings for the Denver region, while nationally foreclosures increased by almost 15 percent.
Because foreclosure filings are counted differently by different tracking services (some count NEDs, some track delinquencies, some count trustee sales), the numbers vary a bit from report to report. Earlier this summer, a survey of public trustees' offices in the seven county Denver Metro Area showed an overall decline of about 11 percent in trustee sales, which is that final point in the process when the homeowner actually loses title to the foreclosed property.
However, no matter which report you follow, there is a consistent theme: Denver appears (for now) to be on the back-end of its foreclosure crisis, and with low interest rates, already discounted prices and an $8,000 tax credit for first-time buyers, our market will continue to perform better than most for the rest of this year.
