Bank Foreclosed Home Listings Rose in Colorado

by on States

Colorado counties of Garfield and Mesa saw their bank foreclosed home listings jumped to record levels in the second quarter of 2009.

In Garfield County, the number of foreclosure filings for the first seven months of this year increased twice as much as the total figures for the whole 2008. From January to July, foreclosure filings reached 208, compared with last year’s total of 108.

For the first quarter, Garfield County registered 54 foreclosure properties, about 50 percent of the total figures for 2008.

Industry analysts are expecting the county to hit its highest level of foreclosure soon since it peaked in 1985 with 244 repossessions. Earlier this year, they expected foreclosures in Garfield County to reach about 209 by the end of 2009. But now, they have revised their prediction to as high as 344.

So far, out of the 208 filings, 48 were posted in Rifle, 41 in Carbondale, 33 in Glenwood Springs and 23 in New Castle. However, there are currently 165 pending sales with 24 withdrawn before completion.

But analysts pointed out that Garfield fared much better than other counties in Colorado, with a foreclosure ratio of 1 in every 1,451.

Its neighboring county of Mesa got the worst of the lot with a foreclosure rate not seen since after the oil shale collapse in western Colorado. Industry analysts are predicting that the county will end 2009 with 1,000 filings for foreclosure.

Mesa County’s total foreclosure filings from April to June of this year was the highest in the state with 264, an increase of almost 144 percent from the 108 reported in the same period the previous year. And analysts noted no sign that the foreclosure pace will soon slow down in the county.

In the first quarter, the number of foreclosure filings in Mesa County was 175, a jump of 51 percent. Industry analysts were hoping that the rise in the number of foreclosures was because lawyers were filing the paperwork in advance of August 1 which is the start of the implementation of changes on foreclosure laws.

Instead, they saw as many as 32 foreclosures filed in a week. Mesa County’s foreclosure ratio was one in every 544 houses. Analysts said that the flood of foreclosures in Mesa County reflected the downturn in the region’s oil and gas market and the rise in unemployment.