By Business Report Staff
Foreclosure auction sales declined 80 percent in Weld County and 76 percent in Larimer County during October from the same month last year, the Colorado Division of Housing said Monday.
Foreclosure auction sales amounted to 15 in Larimer County in October, down from 62 in October 2012. In Weld County, foreclosure auction sales sank to 23 from 120.
Statewide, foreclosure auction sales fell 69 percent, to 438 from 1,399. Foreclosure filings, meanwhile, dropped to 843 from 1,880.
“October’s drop was the largest year-over-year decline we’ve seen in the seven-year history of the report,” said Ryan McMaken, an economist for the Colorado Division of Housing, in a statement. “Foreclosure activity is quickly moving toward what we consider to be a normal rate.”
Foreclosure auction sales figures represent the number of foreclosures that have been sold at auction at the end of the foreclosure process. Foreclosure filings are the initial paperwork that begins the foreclosure process.