Foreclosure activity dropped to a nearly 10-year low last month in the Colorado Springs area, according to a report Friday by the El Paso County Public Trustee's Office.
Foreclosure notices totaled 128 in October, a nearly 60 percent decline from the same month last year and the fewest number of notices in any month since January 2004, when 103 were issued. Foreclosure notices are issued when property owners miss several months of mortgage payments.
Meanwhile, releases of deeds of trust totaled 3,350 in October, down 20 percent from a year earlier.
However, there were 40,089 releases through the first 10 months of the year - up 19 percent over the same period last year and on pace for their highest total in several years. Deeds of trust are released when mortgages are paid off or refinanced or properties are sold.
El Paso County Public Trustee Tom Mowle has pointed to an improved housing market as the reason for the slowdown in foreclosure activity and the increase in releases.