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May 11, 2009 - 6:04 PM
RICH LADEN
THE GAZETTE
El Paso County's foreclosure activity worsened in the first quarter when compared with the same time a year ago, even as the rest of the state and several large counties saw their foreclosure problems ease, according to a Colorado Division of Housing report released Monday.

Foreclosure filings in El Paso County totaled 1,292 from January through March, a 6.3 percent increase when compared with the same period last year, the Housing Division said. A filing, which a homeowner receives after several missed mortgage payments, is the start of the foreclosure and can lead to the loss of a home.

Of the state's 12 most populous counties, three saw bigger increases: Mesa County, where Grand Junction's energy economy has slowed, saw a 47.1 percent jump in first-quarter filings, while Larimer and Pueblo counties each saw increases of about 10 percent. Boulder County had a 4.7 percent increase.

Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson and Weld counties, however, reported declines in first-quarter foreclosure filings, the Housing Division said.

Meanwhile, completed foreclosures increased 2.6 percent in El Paso County during the first quarter when compared with the same time in 2008. Mesa County saw an 83.3 percent increase in the first quarter.

The rest of the state's 12 biggest counties saw declines in completed foreclosures, according to the Housing Division. Completed foreclosures refer to homes whose owners fell into foreclosure and were unable to catch up on missed payments or work out deals with lenders; their homes then were sold at a county public trustee sale.

Statewide, foreclosure filings fell 7.6 percent in the first quarter, while completed foreclosures declined 26.2 percent.

Housing Division Director Kathi Williams said possible reasons for El Paso County's rising foreclosure filings include rising numbers of job losses and an oversupply of homes for sale, which increases competition and makes it tougher for homeowners facing foreclosure to find buyers for their properties. Also, about 6,500 soldiers being transferred to Fort Carson won't arrive until this summer; when they do, they're expected to help absorb a backlog of foreclosed homes.

El Paso County's foreclosure rate is not nearly as bad as some parts of the state, the Housing Division said.

El Paso County had one completed foreclosure for every 418.2 households during the first quarter of 2009. Adams County in suburban Denver had one competed foreclosure for every 237.5 households. Teller County's first quarter rate was one for every 222.4 households.

Jay Carden
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