News Column

Colorado Springs foreclosure activity slows in June

July 1, 2014

By Rich Laden, The Gazette (Colorado Springs, Colo.)



July 01--Colorado Springs-area foreclosure activity slowed again in June after a surprising jump early this year, according to a report Tuesday by the El Paso County Public Trustee's Office.

"Definitely, things are much improved," Trustee Tom Mowle said.

El Paso County foreclosure notices, or filings, totaled 117 in June, down 17 percent from May and nearly 28 percent from the same month last year.

Through the first half of 2014, foreclosure notices totaled 1,009, a 3.8 percent decline from the same period last year.

That's an about-face from the first quarter of 2014, when foreclosure notices were running 6.4 percent ahead of the same period in 2013.

While foreclosure activity has slowed of late, Mowle said he's on alert for a potential uptick later this year. At the start of 2014, a federally required six-month waiting period was put in place that delayed foreclosures for certain types of loans, Mowle said. The expiration of that delay period could mean more foreclosures.

Mowle also said more foreclosures might be in the offing once new law firms resume the filing of foreclosure paperwork that had been handled by two Denver firms. Those two firms no longer handle filings for national mortgage buyer Fannie Mae.

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(c)2014 The Gazette (Colorado Springs, Colo.)

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Source: Gazette (Colorado Springs, CO)


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