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Foreclosure picture continues to improve in Colorado Springs

September 28, 2016 Updated: September 28, 2016 at 5:29 pm
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Colorado Springs' foreclosure rate continues to fall.

The percentage of Springs-are loans that were in some stage of foreclosure dipped to 0.42 percent in July, down from a rate of 0.63 percent a year earlier, according to a report Wednesday by CoreLogic, a California-based housing data firm that tracks foreclosure data from around the country.

Not only has the Springs' foreclosure rate fallen from last year, but, perhaps more importantly, it's down significantly from the years just after the recession. In July 2011, the local percentage of loans in some stage of foreclosure was more than three times higher at 1.55 percent, CoreLogic reports show.

Meanwhile, the percentage of local mortgage holders who were delinquent on loan payments by at least 90 days dropped to 1.51 percent in July, down from 2.02 percent a year earlier and down from 4.07 percent in July 2011, according to CoreLogic.

By comparison, Colorado Springs continued to fare better than the rest of the nation, but was worse off than other areas of Colorado.

The nation's foreclosure rate was 0.93 percent in July, while the percentage of mortgage holders who were more than 90 days late on loans was 2.82 percent. Statewide, July's foreclosure rate was 0.28 percent and the delinquency rate was 1.08 percent.

Like other cities, Colorado Springs' hot single-family housing market has led to a better foreclosure picture.

Historically low mortgage rates and a stronger economy have helped stoke the demand for homes, and property values have risen as a result, local real estate agents have said.

Financially troubled homeowners who otherwise would have fallen into foreclosure now have a better chance to sell their homes or refinance mortgages because of the improved housing market.

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Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

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