Boulder County foreclosures

Boulder County foreclosures reach record high in August
By David Clucas

September 28, 2007 –
BOULDER - A record 103 foreclosures were filed in Boulder County this August.
The triple-digit figure is the highest in the past decade, according to the Boulder County Public Trustee’s electronic database. The recent record high had been 84 foreclosures filed in March of this year.

The nationwide housing downturn and a recent tightening of the credit markets seem to be taking their toll locally.

For the year, foreclosures filed are up 17 percent to 611 cases through August.

Foreclosures are typically filed after a borrower is 75 to 90 days late on his or her mortgage payment. Deeds issued for foreclosures are up 9 percent this year to 352 cases through August. This number represents when the bank seizes the property.

The foreclosures filed number is viewed as the more significant statistic because it shows the number of people struggling to pay their mortgage bills. The deeds issued number does not account for homeowners who sell their home to pay off the mortgage before the bank seizes the property.

Nearly two-thirds of this month’s foreclosures were filed for properties in Longmont. Foreclosures in Boulder County have been rising steadily since 2000, when only 190 cases were filed.

Nationwide, a total of 243,947 foreclosures were filed in August, up 115 percent from August 2006, according to Realty Trac Inc. The monthly figure was the highest Realty Trac has reported since beginning to track foreclosures two years ago.

Contact David Clucas at 303-440-4950 or e-mail dclucas@bcbr.com.

This entry was posted on October 22, 2007 at 9:26 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.