Foreclosure sales fall to six-year low in August

The number of homes sold at foreclosure auctions fell to a six-year low in August, according to a report released today by the Colorado Division of Housing.

Foreclosure auction sales were down 10.4 percent last month compared to August last year, falling from 1,497 to 1,341, according to the report.

Foreclosure filings also were down, falling 1.6 percent from 2,325 to 2,287 during the same period.

Foreclosure filings for the first eight months of the year were up 4 percent from 2011, but auction sales were down 25.7 percent for the same period.

“With all of the slowdowns and the administrative delays that pushed foreclosure filings down so far last year, I expected a larger increase in filings this year than we’re seeing,” said Ryan McMaken, spokesman for the Division of Housing. “Instead, new foreclosures are only up slightly this year, while completed foreclosures really dropped off, reflecting last year’s big drop in new filings.”

The counties with the largest declines in foreclosure filings were Weld and Boulder counties, where filings decreased by 8.3 percent and 8.6 percent, respectively. Mesa County, however, reported a 26.4 percent increase in foreclosure filings over the same period.