As Colorado Springs' housing market improves, the area's foreclosure picture continues to brighten.
The Springs' foreclosure rate - or the percentage of loans falling into some stage of foreclosure - declined to 0.48 percent in April, down from 0.62 percent during the same month in 2015, according to a report released Tuesday by CoreLogic, a California-based housing data firm.
The latest foreclosure rate also has dropped sharply from the years just after the Great Recession; in April 2011, the local rate was more than three times higher at 1.62 percent, CoreLogic's reports show.
Another positive sign for Springs-area homeowners: The percentage of local mortgage holders who were delinquent on loan payments by at least 90 days fell to 1.66 percent in April, down from 2.10 percent a year earlier, according to CoreLogic. The latest figure also has fallen from 4.14 percent in April 2011.
Historically low mortgage rates, an improved economy and stronger consumer confidence have combined to fuel a surge in homebuying in the Pikes Peak region, local real estate experts have said.
That demand has helped drive up home values; as a result, financially troubled homeowners have a greater chance to sell their homes or refinance mortgages, which helps them avoid foreclosure.
The El Paso County Public Trustee's Office also has seen a decline in foreclosure activity over the last several years. After foreclosure filings in the county reached a record high of 5,288 in 2009, they've fallen each year since; filings totaled 1,470 last year, the lowest annual total since 2001.
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