Foreclosures drop to 15-year low in Colorado Springs
by Rich Laden, Colorado Springs Gazette- 1/5/17
The number of properties falling into foreclosure last year fell to a 15-year low in the Colorado Springs area, a turnaround that real estate experts and economists have credited to a stronger economy and a rebounding single-family housing market.
According to a report released Tuesday by the El Paso County Public Trustee's Office:
- Foreclosure notices sent to local property owners totaled 1,287 in 2016. Last year's total dropped 12.4 percent from the previous year; 2016 also saw the fewest foreclosure notices since 1,165 in 2001. Most notices are sent to owners of single-family homes, townhomes and condominiums; commercial properties also make up a portion of foreclosure activity.
- In December, foreclosure notices totaled 103, an 18.4 percent increase from November, but down one-fourth from the same month in 2015.
- In 2016, the Public Trustee's Office released 39,478 deeds of trust, an 8.3 percent increase over the previous year and the highest number of releases since 44,038 in 2013. Deeds are released when a property owner pays off a mortgage, sells or refinances - positive signs for the local real estate market.
In general, foreclosure activity has declined as fewer people have lost jobs.
At the same time, an increased demand for housing - driven by the improved economy and lower mortgage rates - has driven up property values and helped homeowners avoid falling into foreclosure.