Colorado Springs News, Sports & Business

Gazette Premium Content Foreclosure picture brightens in Springs, report shows

RICH LADEN Updated: March 27, 2012 at 12:00 am

Colorado Springs' foreclosure picture is continuing to improve, according to a report released Tuesday by CoreLogic, a California-based housing data firm.

The city's foreclosure rate — a measurement of the percentage of loans that were in some stage of foreclosure — fell to 1.39 percent in January, down from 1.81 percent during the same month last year and 1.72 percent two years ago, the CoreLogic report showed.

The Springs was better off than the rest of the state and the nation as a whole. Colorado's foreclosure rate stood at 1.44 percent in January; nationwide, the rate was 3.43 percent, according to CoreLogic.

Colorado Springs also showed improvement in another foreclosure measurement. The percentage of loans that were delinquent for 90 days or more was 4.06 percent in January, down from 4.44 percent a year earlier. Statewide, the 90-days-or-more delinquency rate was 4.03 percent in January; it was 7.24 percent nationally.

The CoreLogic report parallels recent reports from the El Paso County Public Trustee's Office, which tracks local foreclosure activity.

The number of new foreclosure filings — the start of the foreclosure process — fell by 16.2 percent during the first two months of 2012 when compared with the same period last year. In 2011, foreclosure filings fell by one-fourth over the previous year.

Local real estate industry members have said the foreclosure picture has improved, in part, because the pool of homeowners falling into foreclosure — people who have lost jobs or had bought houses using non-traditional, risky mortgages — is dwindling. 

Contact Rich Laden: 636-0228 Twitter @richladen

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