Foreclosures In Weld County

Posted in Foreclosure, May 28th, 2008 |

Foreclosures in Weld County during the first quarter of the current year showed an increase of 26% in comparison to the same quarter of 2007 as per reports released by Colorado Division of Housing. There were 813 foreclosure postings – the second highest in the state. It was a drop of 2.5% from 834 filings that had been listed during the last quarter of 2007. Denver had the highest postings – 2,042. Weld came second with the foreclosure rate being 1:102. Across the state the rate was 1:159.

According to Matt Revitte of ProRealty the figures point to rough days ahead – “there’s still pain to be had” he said. Mortgage lender Angel Fuchs said that the numbers should not be a cause of surprise. It was expected, considering the entry of new set of adjustable mortgage rates being reset.

Across Colorado State there was an increase of 23% in foreclosure activity during the first quarter as compared to that of the previous year of 2007. Foreclosure postings increased by 6% from last quarter of 2007. During the first three months of the current year there were 11,630 foreclosure listings – an increase from 10,995 recorded during 2007, last quarter. In 2007 first quarter there were 9,443 foreclosure listings. During the whole year 39,915 foreclosures had been noted.

It is predicted that foreclosures will spike by 15% in comparison to 2007. It increased by 40% during 2007 and by 30% during 2006.

In Weld County thee were 442 foreclosure sales. Due to change in foreclosure laws it will not be able to collect sales data until the latter half of the year. More time is being now given between sale notice and auction proceedings.

Rivitte says that despite all this, sales have picked up. This is because of the silver lining behind the foreclosure clouds. It is presenting a great opportunity to many. With prices at an all time low one can buy affordable houses. This is the time for renters to check on their credit ratings and qualify for various schemes that are encouraging purchasing of houses.

Foreclosure is a judicial process. When the borrower lags behind in payment the lender seeks the permission of the court to foreclose upon the mortgaged house. . Accordingly a court auction is held. If that fails then the banks repossesses the unit and tries to sell directly. With innumerable foreclosed weighing them down the banks are now offering huge discounts.