2015_3rdQ Foreclosure Report

7/25/2019 2015_3rdQ Foreclosure Report

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3rd Quarter 2015 Foreclosure Report

The Colorado Division of Housing is a division of the Colorado Department of Local Affairs

December 23, 2015

Summary and Methods

As part of an effort to provide information to the public and government agencies on economic

trends in Colorado, the Division of Housing compiles quarterly totals on foreclosure activity inColorado Counties. Data is collected from the public trustee in each county and published quarterly

by the Division of Housing.

This report seeks to provide two essential pieces of information:

Foreclosure Filing Statistics:

The recording of the notice of election and demand (NED) is the event that begins the foreclosure

process. In general, when a borrower is at least 3 months delinquent and in default, the lender will

file an NED with the public trustee and the borrower will receive notice of the initial sale date. Thisi ill b f h bli ffi i h i hi h h i l d d


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ti ill b t f th bli t t ffi i th t i hi h th t i l t d d

As listed below, the foreclosure filings number and the foreclosure auction sales number are two

independent numbers. In other words, the properties that went to final sale during the current quarter

are not the same properties which entered the foreclosure process the same quarter. For example,among properties that went to sale during a given quarter, a large portion of those foreclosures were

filed at least four months earlier, meaning a foreclosure filing and foreclosure sale do not occur

within the same quarter. The period between the foreclosure filing and the foreclosure sale at auction

is legally at least 110 days, but in some cases, this period may actually last much longer.

Why are both numbers important?

The foreclosure filings number provides a view of how many borrowers have become seriouslydelinquent on their loans. Foreclosure filings provide a good guide to foreclosure activity in a given

county, and while a property may be withdrawn from the foreclosure process after a filing is made,

the filings statistics nevertheless indicate where borrowers are delinquent and in default.

The foreclosure sale numbers generally indicate how many borrowers have lost all equity in the

property as the result of it being sold to another party at auction, including the mortgage company,an investor, or others. Many households in the foreclosure process lose their properties through a

variety of processes such as short sales and deed-in-lieu-of-foreclosure agreements. Losing the

property through a foreclosure sale, however, is generally most damaging to the credit of the

borrower, and foreclosure (unless the property is sold at auction for more than the value of the loan)does not allow for the borrower to preserve any of the equity he or she might still have in that

property.

Study Findings

During the third quarter of 2015, Colorado public trustees reported 2,058 foreclosure filings and

1,089 sales at auction (completed foreclosures). During the third quarter of 2014, there were 2,246filings and 1,433 sales. Comparing year-over-year for the third quarter, foreclosure filings fell 8.4


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Graph 1: Quarterly Foreclosure Filings vs. Sales at Auction:

Graph 2: Annual Foreclosure Totals (2015 is YTD):


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Table 1: Foreclosure Filings

Year Foreclosure Filings

2003 14,858

2004 18,127

2005 22,894

2006 28,435

2007 39,920

2008 39,333

2009 46,394

2010 42,692

2011 31,975

2012 28,579

2013 15,333

2014 11,235

2015 (Jan-Sep) 6,212

Table 2: Foreclosure Sales at Auction

Year Foreclosure Sales

2003 8,239

2004 10,566

2005 13,642

2006 17,451

2007 25,054


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Quarter-by-Quarter Analysis

There are not large seasonal changes in foreclosure activity in Colorado, although the third quartertends to be the most active quarter for foreclosure sales in Colorado.

Since 2011, each quarter has shown fewer foreclosure filings and sales than during the same quarter

one year earlier. During the third quarter of 2015, both filings and sales were at the lowest levelsrecorded in any third quarter since the Division of Housing began collecting quarterly data in 2007:


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County Statistics

Trends in different counties throughout the state vary considerably. The 12 metropolitan counties in

Colorado now account for slightly more than 82 percent of all foreclosure filings activity in

Colorado. However, in 2007 the 12 metropolitan counties accounted for more than 90 percent of

foreclosure activity in Colorado, indicating that foreclosure activity outside the metropolitan areashas become relatively more common.

Aggregate statewide totals and trends do not necessarily reflect changes in foreclosure totals at the

county level as county-level changes were not uniform throughout the state.

The map below shows foreclosure rates in each county. Categories reflect proportions of households

completing the foreclosure process in each county.

Map 1: Foreclosure rates in Colorado Counties, 3rd Quarter 2015


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Rates of foreclosure for each county are listed in Table 3 of the appendix.

Statewide, there was approximately 1 completed foreclosure (foreclosure sale) per 1,897 householdsfor the third quarter of 2015. The map shows that there are few hot spots for foreclosure left in

Colorado, and those that remain, such as San Juan County, are very small markets where a single

foreclosure can move foreclosure rates up quickly.

No metropolitan county was found among the top ten counties for foreclosure sales rates. Most of

the counties in the top ten were mountain and rural counties including Delta, Las Animas, and

Fremont counties.

Pueblo and Mesa counties reported the highest foreclosure rates of the metropolitan counties. Pueblo

County reported a foreclosure rate of one foreclosure per 665 households while Mesa County

reported a rate of 1 foreclosure per 654 households. See Table 3 for full listing.

Boulder County reported the lowest foreclosure rate among metropolitan counties with 1 completed

foreclosure per 10,435 households.

Future Outlook

Foreclosure activity decreased significantly during the first half of 2015, and brought Colorado tothe lowest foreclosure levels experienced since 2004. It is now likely that 2015 will finish as a year

with some of the smallest foreclosure totals weve seen in a decade.

Methods

The Colorado Division of Housing has sought to collect foreclosure information on all 64 counties.

Data is collected directly from the Public Trustees office in each county. Some numbers in thisreport reflect corrections made to statistics reported in earlier reports.


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Appendices

Table 3: Foreclosure rates based on the number of occupied housing units per completed foreclosure andpercentage of all occupied housing units. 2013 household numbers are the most recent available.

County

Households(2013estimates)

2015 3rd QForeclosureSales

ForeclosureRate byPercentage

ForeclosureRate by No. ofHouseholds perCompletedForeclosure

San Juan 338 1 0.30% 338Hinsdale 344 1 0.29% 344Las Animas 5,916 15 0.25% 394Moffat 5,183 13 0.25% 399Custer 1,943 4 0.21% 486Alamosa 6,143 12 0.20% 512Sedgwick 1,074 2 0.19% 537

Fremont 16,475 29 0.18% 568Delta 12,503 22 0.18% 568Archuleta 5,304 9 0.17% 589Kiowa 621 1 0.16% 621Montrose 16,274 26 0.16% 626Lincoln 1,930 3 0.16% 643Mesa 58,241 89 0.15% 654Pueblo

63,79596 0.15%

665Rio Blanco 2,684 4 0.15% 671Huerfano 3,020 4 0.13% 755Cheyenne 809 1 0.12% 809


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Bent 1,690 1 0.06% 1690Summit 12,028 7 0.06% 1718

Philips 1,779 1 0.06% 1779La Plata 21,853 12 0.05% 1821Weld 95,363 48 0.05% 1987Yuma 3,981 2 0.05% 1991Ouray 2,065 1 0.05% 2065Morgan 10,351 5 0.05% 2070Eagle 19,268 9 0.05% 2141Adams 163,191 72 0.04% 2267Arapahoe 237,614 97 0.04% 2450Saguache 2,693 1 0.04% 2693Broomfield 22,785 7 0.03% 3255San Miguel 3,589 1 0.03% 3589Jefferson 225,279 59 0.03% 3818Chaffee 7,864 2 0.03% 3932Douglas 109,365 27 0.02% 4051

Clear Creek 4,191 1 0.02% 4191Larimer 126,864 29 0.02% 4375Denver 285,044 51 0.02% 5589Boulder 125,225 12 0.01% 10435Conejos 3,107 0 0.00% n/aCrowley 1,241 0 0.00% n/aGilpin 2,527 0 0.00% n/aJackson 630 0 0.00% n/a

Kit Carson 3,057 0 0.00% n/aLake 2,947 0 0.00% n/aMineral 359 0 0.00% n/aW hi t 0 0 00%


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Table 4: Percent change in year-over-year foreclosure filings and sales:

Counties2014 Q3

Filings2015 Q3

Filings

PercentChange

2014 Q3Sales

2015 Q3Sales

PercentChange

Adams 156 186 19.2 135 72 -46.7

Alamosa 7 8 14.3 6 12 100.0

Arapahoe 258 217 -15.9 144 97 -32.6

Archuleta 5 4 -20.0 6 9 50.0

Baca 0 1 n/a 0 1 n/a

Bent 4 3 -25.0 4 1 -75.0

Boulder 52 56 7.7 22 12 -45.5

Broomfield 12 9 -25.0 7 7 0.0

Chaffee 7 5 -28.6 1 2 100.0

Cheyenne 0 1 n/a 0 1 n/a

Clear Creek 7 4 -42.9 1 1 0.0

Conejos 1 0 -100.0 1 0 -100.0

Costilla 3 1 -66.7 2 1 -50.0

Crowley 1 4 300.0 1 0 -100.0Custer 1 6 500.0 3 4 33.3

Delta 22 32 45.5 21 22 4.8

Denver 242 174 -28.1 109 51 -53.2

Dolores 2 1 -50.0 1 1 0.0

Douglas 92 86 -6.5 26 27 3.8

Eagle 24 19 -20.8 14 9 -35.7

Elbert 12 9 -25.0 7 6 -14.3

El Paso 370 338 -8.6 263 203 -22.8

Fremont 29 32 10.3 39 29 -25.6

Garfield 31 18 -41.9 36 22 -38.9

Gilpin 6 3 -50.0 1 0 -100.0

G d 10 7 30 0 10 7 30 0


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Morgan 9 14 55.6 8 5 -37.5

Otero 8 9 12.5 11 6 -45.5

Ouray 3 2 -33.3 0 1 n/aPark 18 28 55.6 2 7 250.0

Philips 2 0 -100.0 1 1 0.0

Pitkin 6 9 50.0 4 5 25.0

Prowers 3 3 0.0 5 5 0.0

Pueblo 152 132 -13.2 100 96 -4.0

Rio Blanco 4 5 25.0 3 4 33.3

Rio Grande 9 6 -33.3 5 5 0.0

Routt 21 11 -47.6 10 11 10.0Saguache 3 2 -33.3 1 1 0.0

San Juan 1 1 0.0 0 1 n/a

San Miguel 5 0 -100.0 2 1 -50.0

Sedgwick 0 0 n/a 2 2 0.0

Summit 23 12 -47.8 10 7 -30.0

Teller 11 19 72.7 20 12 -40.0

Washington 4 1 -75.0 2 0 -100.0

Weld 123 115 -6.5 64 48 -25.0

Yuma 4 6 50.0 3 2 -33.3

Totals 2246 2058 -8.4 1433 1089 -24.0


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Table 5: Percent change from 2nd Q 2015 to 3rd Q 2015:

Counties 2015 2ndQ Filings

2015 3rdQ Filings

PercentChange

2015 2ndQ Sales

2015 3rdQ Sales

PercentChange

Adams 202 186 -7.9 86 72 -16.3

Alamosa 9 8 -11.1 3 12 300.0

Arapahoe 269 217 -19.3 102 97 -4.9

Archuleta 6 4 -33.3 4 9 125.0

Baca 1 1 0.0 1 1 0.0

Bent 4 3 -25.0 2 1 -50.0Boulder 69 56 -18.8 17 12 -29.4

Broomfield 5 9 80.0 3 7 133.3

Chaffee 7 5 -28.6 1 2 100.0

Cheyenne 3 1 -66.7 0 1 n/a

Clear Creek 4 4 0.0 6 1 -83.3

Conejos 1 0 -100.0 1 0 -100.0

Costilla 5 1 -80.0 0 1 n/a

Crowley 3 4 33.3 0 0 n/aCuster 5 6 20.0 2 4 100.0

Delta 23 32 39.1 23 22 -4.3

Denver 206 174 -15.5 51 51 0.0

Dolores 3 1 -66.7 3 1 -66.7

Douglas 79 86 8.9 28 27 -3.6

Eagle 18 19 5.6 14 9 -35.7

Elbert 12 9 -25.0 3 6 100.0

El Paso 403 338 -16.1 201 203 1.0Fremont 33 32 -3.0 29 29 0.0

Garfield 32 18 -43.8 28 22 -21.4

Gilpin 1 3 200 0 3 0 100 0


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Montezuma 6 13 116.7 7 8 14.3

Montrose 24 20 -16.7 12 26 116.7

Morgan 19 14 -26.3 9 5 -44.4Otero 6 9 50.0 7 6 -14.3

Ouray 4 2 -50.0 2 1 -50.0

Park 7 28 300.0 2 7 250.0

Philips 1 0 -100.0 0 1 n/a

Pitkin 6 9 50.0 3 5 66.7

Prowers 4 3 -25.0 2 5 150.0

Pueblo 142 132 -7.0 105 96 -8.6

Rio Blanco 11 5 -54.5 3 4 33.3Rio Grande 3 6 100.0 3 5 66.7

Routt 16 11 -31.3 11 11 0.0

Saguache 5 2 -60.0 4 1 -75.0

San Juan 0 1 n/a 0 1 n/a

San Miguel 2 0 -100.0 0 1 n/a

Sedgwick 1 0 -100.0 0 2 n/a

Summit 8 12 50.0 5 7 40.0

Teller 23 19 -17.4 10 12 20.0Washington 2 1 -50.0 1 0 -100.0

Weld 105 115 9.5 47 48 2.1

Yuma 4 6 50.0 0 2 n/a

Totals 2282 2058 -9.8 1063 1089 2.4


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Table 6: First nine months of 2014 vs. first nine months of 2015.

Counties 1stQ+2ndQ+

3rdQ 2014Filings

1stQ+2ndQ+

3rdQ 2015Filings

YOY

Change

1stQ+2ndQ+

3rdQ 2014Sales

1stQ+2ndQ+

3rdQ 2015Sales

YOY

Change

Adams 819 572 -30.2 449 248 -44.8

Alamosa 24 22 -8.3 22 23 4.5

Arapahoe 1023 681 -33.4 471 308 -34.6

Archuleta 23 20 -13.0 19 17 -10.5

Baca 0 3 n/a 3 3 0.0

Bent 12 10 -16.7 28 6 -78.6Boulder 211 176 -16.6 81 48 -40.7

Broomfield 45 26 -42.2 22 13 -40.9

Chaffee 22 15 -31.8 7 6 -14.3

Cheyenne 0 4 n/a 0 1 n/a

Clear Creek 16 12 -25.0 11 12 9.1

Conejos 3 2 -33.3 2 2 0.0

Costilla 7 8 14.3 3 2 -33.3

Crowley 8 9 12.5 4 2 -50.0Custer 12 16 33.3 5 11 120.0

Delta 90 79 -12.2 57 65 14.0

Denver 857 542 -36.8 396 173 -56.3

Dolores 5 5 0.0 3 5 66.7

Douglas 329 239 -27.4 144 88 -38.9

Eagle 75 58 -22.7 43 33 -23.3

Elbert 41 26 -36.6 26 19 -26.9

El Paso 1379 1053 -23.6 782 606 -22.5

Fremont 138 96 -30.4 111 88 -20.7

Garfield 115 70 -39.1 93 73 -21.5

Gilpin 15 5 -66.7 7 7 0.0

G d 41 31 24 4 34 20 41 2


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Montrose 85 67 -21.2 69 55 -20.3

Morgan 36 47 30.6 34 19 -44.1

Otero 47 30 -36.2 31 17 -45.2

Ouray 6 7 16.7 2 5 150.0

Park 58 47 -19.0 44 19 -56.8

Philips 5 2 -60.0 2 1 -50.0

Pitkin 20 20 0.0 10 11 10.0

Prowers 21 14 -33.3 16 10 -37.5

Pueblo 498 389 -21.9 274 311 13.5

Rio Blanco 16 20 25.0 6 12 100.0

Rio Grande 24 17 -29.2 15 13 -13.3

Routt 56 36 -35.7 37 31 -16.2

Saguache 9 10 11.1 7 10 42.9

San Juan 3 1 -66.7 1 1 0.0

San Miguel 19 6 -68.4 6 4 -33.3

Sedgwick 1 3 200.0 2 4 100.0

Summit 64 28 -56.3 52 19 -63.5

Teller 47 60 27.7 59 39 -33.9

Washington 9 3 -66.7 5 1 -80.0

Weld 471 319 -32.3 220 146 -33.6Yuma 14 12 -14.3 8 5 -37.5

Totals 8505 6212 -27.0 4760 3297 -30.7


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Table 7: Foreclosure totals in each county for past 5 quarters:

Counties 20143rdQFilings

20144thQFilings

2015 1stQ Filings

2015 2ndQ Filings

2015 3rdQ Filings

2014 3rdQ Sales

2014 4thQ Sales

2015 1stQ Sales

2015 2ndQ Sales

2015 3rdQ Sales

Adams 156 381 184 202 186 135 99 90 86 72

Alamosa 7 7 5 9 8 6 3 8 3 12Arapahoe 258 291 195 269 217 144 139 109 102 97Archuleta 5 9 10 6 4 6 4 4 4 9Baca 0 0 1 1 1 0 0 1 1 1Bent 4 1 3 4 3 4 6 3 2 1Boulder 52 38 51 69 56 22 20 19 17 12Broomfield 12 14 12 5 9 7 8 3 3 7Chaffee 7 8 3 7 5 1 2 3 1 2Cheyenne 0 0 0 3 1 0 0 0 0 1Clear Creek 7 6 4 4 4 1 2 5 6 1Conejos 1 3 1 1 0 1 1 1 1 0

Costilla 3 2 2 5 1 2 1 1 0 1Crowley 1 1 2 3 4 1 1 2 0 0Custer 1 4 5 5 6 3 1 5 2 4Delta 22 33 24 23 32 21 17 20 23 22Denver 242 230 162 206 174 109 88 71 51 51Dolores 2 1 1 3 1 1 0 1 3 1Douglas 92 111 74 79 86 26 43 33 28 27Eagle 24 28 21 18 19 14 12 10 14 9Elbert 12 18 5 12 9 7 10 10 3 6El Paso 370 446 312 403 338 263 220 202 201 203Fremont 29 38 31 33 32 39 15 30 29 29Garfield 31 21 20 32 18 36 21 23 28 22Gilpin 6 5 1 1 3 1 4 4 3 0Grand 10 13 13 11 7 10 8 4 9 7Gunnison 9 5 3 7 10 6 3 6 2 4Hinsdale 0 0 1 0 0 1 1 0 0 1Huerfano 7 7 8 11 4 7 3 4 2 4Jackson 0 2 0 0 0 0 0 1 0 0Jefferson 179 250 136 176 152 107 89 74 58 59Kiowa 1 0 1 0 1 0 0 0 0 1


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Kit Carson 1 1 1 4 3 0 0 0 0 0La Plata 12 18 15 11 16 13 10 4 7 12Lake 1 1 3 7 4 1 1 4 4 0Larimer 85 91 57 92 68 38 36 36 28 29Las Animas 16 16 21 11 10 12 9 10 16 15Lincoln 2 3 2 2 1 0 0 1 1 3

Logan 16 9 3 10 11 12 6 5 7 8Mesa 116 133 108 117 131 98 70 64 77 89Mineral 1 0 0 0 0 0 1 0 0 0Moffat 7 8 10 21 15 7 9 7 8 13Montezuma 8 12 11 6 13 2 11 6 7 8Montrose 22 26 23 24 20 16 17 17 12 26Morgan 9 17 14 19 14 8 6 5 9 5Otero 8 14 15 6 9 11 11 4 7 6Ouray 3 3 1 4 2 0 0 2 2 1Park 18 20 12 7 28 2 4 10 2 7Philips 2 0 1 1 0 1 2 0 0 1

Pitkin 6 9 5 6 9 4 1 3 3 5Prowers 3 3 7 4 3 5 3 3 2 5Pueblo 152 166 115 142 132 100 99 110 105 96Rio Blanco 4 6 4 11 5 3 3 5 3 4Rio Grande 9 8 8 3 6 5 4 5 3 5Routt 21 17 9 16 11 10 10 9 11 11Saguache 3 3 3 5 2 1 2 5 4 1San Juan 1 1 0 0 1 0 0 0 0 1San Miguel 5 8 4 2 0 2 5 3 0 1Sedgwick 0 0 2 1 0 2 0 2 0 2Summit 23 18 8 8 12 10 13 7 5 7

Teller 11 20 18 23 19 20 8 17 10 12Washington 4 2 0 2 1 2 2 0 1 0Weld 123 127 99 105 115 64 65 51 47 48Yuma 4 5 2 4 6 3 0 3 0 2

Totals 2246 2738 1872 2282 2058 1433 1229 1145 1063 1089

2015_3rdQ Foreclosure Report

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