Foreclosures were down 4% last year, while filings increased 18%
According to the Division of Housing, completed foreclosures in Colorado during 2009 fell 4 percent from 2008’s totals, and have fallen 18 percent since 2007.
According to a report released Thursday by the Department of Local Affairs’ Division of Housing, there were 20,437 completed foreclosures in the state during 2009, falling from 2008’s total of 21,306. In 2007, completed foreclosures reached 25,056. Moreover, the total proportion of filings that ended in a solution other than foreclosure increased by 51 percent.
While completed foreclosures fell, new foreclosure filings, which begin the foreclosure process for borrowers, increased 18 percent during 2009. During 2009, foreclosure filings rose to 46,394 from 2008’s total of 39,333.
State officials cited the Colorado Foreclosure Hotline as an important resource that is making an impact during the crisis. Brothers Redevelopment manages the Hotline and its network of some 26 housing counseling agencies statewide.
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