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Colorado Springs foreclosure activity up in September, but still down for the year

October 2, 2017 Updated: October 2, 2017 at 3:46 pm
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** FILE ** A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver in this Aug. 29, 2007 file photo. (AP Photo/David Zalubowski, file)

Foreclosure activity increased last month in the Colorado Springs area, but foreclosure trends continue to point in the right direction, according to El Paso County Public Trustee Tom Mowle.

The Trustee's Office sent out 82 foreclosure notices in September to county property owners, up 26.2 percent over the same month last year. The year-over-year increase in notices was the first since August 2016.

Still, Mowle said in his monthly report, the increase isn't meaningful.

Through the first three quarters of the year, foreclosure notices totaled 802 - down 19.2 percent from the same period last year, Mowle's report showed. And foreclosure notices are averaging 89 a month in 2017, nearly 17 percent lower than in the first three quarters of 2016.

Foreclosure notices go out to property owners who fall behind in mortgage or loan payments. If they don't resolve the issue with lenders, they risk losing their home or commercial property at a trustee's auction.

But foreclosure activity has tailed off in recent years, thanks to an improved economy and a stronger single-family housing market.

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Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

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