Foreclosure filings in Colorado's largest counties rose 7 percent in February compared with the same month last year, according to a report released Wednesday.
Foreclosure sales at auction increased 14 percent during the same period but remain down 14 percent from February 2008, according to the report by the Department of Local Affairs' Division of Housing.
The increase is likely because lenders phased out moratoriums that previously slowed the number of foreclosures, said Ryan McMaken, a spokesman for the Division of Housing.
"The number we have today for February is well above what we had a year ago, but I don't think it's because the real-estate market is deteriorating," McMaken said. "It's because with moratoria in place, there was a low number."
The largest increase in foreclosures was in Mesa County, where filings rose 223 percent year-over-year. The report covers the state's 12 largest counties.
"Mesa County is now starting to get caught up with the rest of the state because they've had a sharp decline in demand for housing," McMaken said.
El Paso and Larimer counties posted the largest decreases in filings from February 2009 to February 2010, declining 16 percent and 24 percent, respectively.
From February 2009 to February 2010, foreclosure sales dropped the most in Adams, Denver and Weld counties, where sales fell 17 percent, 18 percent and 20 percent, respectively. The largest increase in foreclosure sales was in Mesa County, which reported an increase of 362 percent.
Industry professionals say the number of foreclosures should flatten out because banks have become more receptive to working with homeowners.
"The banks are certainly more open to alternatives to foreclosure," said Billie Jo Downing, a broker with ReMax Action Brokers in Loveland. "But it depends on the bank and what their volume is as to how quickly they're getting through the loan modifications."
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