Housing News Digest, November 9

Foreclosure freefall continues

New foreclosure notices in Colorado fell to 23,338 filings during 2011’s first nine months, falling 27 percent from the 32,009 filings reported during the same period of 2010, according to a state report released on Tuesday.

Foreclosure sales at auction, the event that completes the foreclosure process, were also down during the first nine months of the year, the Colorado Division of Housing reported. Auction sales fell 18 percent from 2010’s nine-month total of 19,163 to a total of 15,560 sales reported during the same period of this year.

Foreclosure filings in Colorado fall, though state says a "sizable inventory" could still loom

All 12 of the state's most populous metropolitan counties reported declines in filings and sales during the quarter, with Adams, Denver and Mesa counties seeing declines of about one-third in new notices.

But the problem has shifted into more rural and resort areas. Among the counties with the sharpest increases in foreclosure filings were Summit, Chaffee and San Miguel counties, each up by about a fifth

Foreclosures down from a year ago in county, state

Fewer properties fell into foreclosure during the third quarter of 2011 in the Pikes Peak region compared with the same period last year, part of a general trend of slowing foreclosure activity around the state, according to a Colorado Division of Housing report released Tuesday.

Foreclosure rates rise outside of metro area
DENVER (AP) - Communities outside the Front Range are feeling the foreclosure pain despite a 27% drop in foreclosure filings in Colorado.

A report released early Tuesday by the Colorado Division of Housing says new foreclosure notices fell to 23,338 during the first nine months of 2011, down from 32,009 filings during the same period last year. All 12 of the Denver metro counties saw drops in filings, with Adams falling 32% and Denver down 31%.

Colorado Q3 foreclosure filings, sales down sharply from 2010
Across the first nine months of 2011, Colorado foreclosure filings were down 27 percent from the same period of 2010, to 23,338, and foreclosure sales were down 18 percent, to 15,560, the report said.

Wealthy Qualifying for Loans Meant for Low-Income Borrowers
Colorado’s San Miguel County is known as a winter playground with world-class skiing and mountain vistas, a place where homes can sell for millions of dollars.

If you’d like to buy, the Federal Housing Administration -- the agency created to aid low-income and first-time homebuyers - - can help. Not far from the ski resorts of Telluride, an FHA- approved borrower can pick up a five-bedroom, four-bath house with stainless steel appliances and a two-car garage for about $600,000.