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Foreclosure picture continues to brighten in Colorado Springs, report shows

The area’s foreclosure rate – measured by the percentage of local loans in some stage of foreclosure – fell to 0.68 percent in February, CoreLogic’s report showed. That’s down from 0.86 percent in the same month last year. In February 2010, when the local real estate market still was dealing with fallout from the recession, the rate was 1.67 percent.

The highest foreclosure rates in February were in portions of central and far eastern El Paso County, according to CoreLogic.

Meanwhile, the percentage of Springs-area mortgage holders who were delinquent on their loan payments by 90 days or more fell to 2.35 percent in February, down from 2.65 percent a year earlier. Five years ago, the percentage was 4.85 percent.

Generally, local real estate industry experts have credited an improving single-family housing market, lower mortgage rates and a better economy for the reduction in foreclosure activity.

As property values have increased and demand has stepped up among buyers, financially troubled homeowners have had more opportunity to either sell their home or refinance mortgages to avoid foreclosure.

Records compiled by the El Paso County Public Trustee’s Office have shown a similar downward trend in foreclosure activity the past few years.

In the first quarter of 2015, foreclosure notices sent to El Paso County property owners totaled 312, a 46.6 percent decline from the same period in 2014 and down nearly 75 percent from the first quarter in 2010.

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Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

Article source: http://gazette.com/foreclosure-picture-continues-to-brighten-in-colorado-springs-report-shows/article/1550623

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