Denver Area 2010 Foreclosure Stats

I thought you might find it helpful to review the foreclosure statistics for the last 5 years in the Metro Denver area.

Let’s start with some definitions first.  The foreclosure filings number indicates the bank filed for foreclosure.  In CO, this is what is known as a Notice of Election and Demand (NED).  Just because an NED has been filed doesn’t mean the house goes into foreclosure.  A number of these homes avoid being sold at the foreclosure auction.

As you can see, the number of foreclosure filings sky rocketed in 2007, up a  whopping 43% over 2006.  From 2007 to 2008 we  remained pretty consistent.  The peak in 2009 was an incredible  59.7% increase over 2006.

The filings in 2010 were down from the peak in 2009, but still significantly increased over the 2006 number.

We still have a long way to go in working thru this current economic cycle.  As long as unemployment figures remain high we will continue to see a high  number of foreclosure   filings.

If interest rates continue moving higher we could see an increase in foreclosure filings.  There are still a number of adjustable rate mortgages out there .     Payments on these loans have remained low since interest rates have been low.  However, when interest rates go up the  payments on these loans may become burdensome at the very least, and unmanageable at the worst.

Only time will tell.  If you know someone who is struggling please let us know.  We can help evaluate the situation and ensure they get qualified help.

*All stats pulled from  http://www.renav.com

 

	Foreclosure Filings	% Change From Prior Year
2006	24,770	n/a
2007	35,439	43%
2008	35,166	-.7%
2009	39,553	12.5%
2010	35,522	-10.2%