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Denver Foreclosures Declined 46% In Past Year

Foreclosure filings in the Denver metro area declined nearly 46 percent in the first three months of 2009 from the same period a year ago, Denver Business Journal reported. The data is based on figures released by RealtyTrac, Inc. in its “Metropolitan Foreclosure Market Report.” The company is an Irvine, California-based marketer of foreclosure properties.

Among the 203 large U.S. urban areas listed by RealtyTrac, the Denver-Aurora area ranked 60th in foreclosure filings in the first quarter of 2009.  One in every 144 households in the area (7,250 properties) was in some stage of the foreclosure process in the first three months of the year, according to RealtyTrac. The total is down more than 22 percent from fourth quarter 2008 and down almost 46 percent from the first quarter of 2008.

Colorado officials have argued that the way public trustees report foreclosure data leads private entities like RealtyTrac to overcount foreclosures here. State lawmakers passed a bill this session to standardize the reporting of foreclosure numbers. The law will take effect 90 days after the end of the legislative session, which typically ends in May.

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