Sales from bank foreclosed homes listings in the urban areas of Colorado climbed up in September compared to August, based on data from the Colorado Division of Housing.
Sales of foreclosure properties in urban areas increased by 21.4 percent compared to sales in August. In the city of Denver, foreclosure sales climbed up by 16.7 percent.
However, compared to foreclosure sales in September last year, foreclosure sales this September were lower. Sales of foreclosed properties in urban counties dropped by 5.4 percent to 1,650 units, compared to 1,745 units in September last year.
In Denver, foreclosure sales dropped to 294 units, a decrease of more than 29 percent compared to September last year.
Out of every 966 houses in urban areas in Colorado, one foreclosure was completed in September. In Denver, out of every 876 homes, one foreclosure was carried out.
Meanwhile, foreclosure filings, which consist of default notices and trustee sale notices, increased in Colorado cities in September by nearly 72 percent compared to filings in September last year.
According to state officials, the significant increase was caused in part by revision of laws in the state aimed at reducing the number of housing units in bank foreclosed homes listings last year.
In Denver, foreclosure filings in September this year increased to 453 filings, an increase of 25.5 percent compared to September last year.
Among Colorado urban counties, Douglas County had the highest increase rate. Its foreclosure filings increased to 233 filings, marking a jump of nearly 340 percent. The only urban Colorado county to experience a decrease in filings was Broomfield, which posted a decrease of almost 21 percent to 19 filings.
Overall, foreclosure filings in the urban areas of Colorado fell by 0.5 percent in September compared to August when nearly 3,500 foreclosure cases were filed.
The foreclosure data included all foreclosure filings and completed foreclosures in the counties of El Paso, Mesa, Pueblo, Larimer and Weld and in the 7 counties located in the metro Denver area.
Because of perceived errors in the foreclosure reports released regularly by other real estate research firms, the state of Colorado early this year passed a law requiring the state housing division to release foreclosure reports regularly.
According to state officials, some privately-owned research firms count the same housing unit for a number of times in their foreclosure estimates, inflating foreclosure filings and properties entering bank foreclosed homes listings in Colorado.
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