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Foreclosure activity slows in Pikes Peak region during 1st quarter

18.05.12

The Pikes Peak region was one of several areas in the state that saw a slowdown in foreclosure activity during the first few months of 2012, according to a Colorado Division of Housing report released Thursday.

Foreclosure filings in El Paso County, which includes Colorado Springs, fell 11.3 percent in the first quarter when compared with the same period a year ago. Meanwhile, year-over-year foreclosure sales saw a 24.1 percent reduction.

Teller County, which includes Woodland Park and other areas west of the Springs, saw its year-over-year filings drop 1.7 percent in the first quarter; sales fell 7.5 percent.

Filings are the start of the foreclosure process in Colorado. Residential property owners who fall several months behind in their mortgage payments typically are served with a foreclosure notice by their lender. They then have up to four months to resolve their financial troubles or risk losing their property.

Foreclosure sales refer to properties that go all the way through the state’s foreclosure process and are sold at auction by a public trustee.

Source: Colorado Springs Gazette

2012 1st Quarter Chicagoland Foreclosure Statistics

18.05.12

Chicago, IL (PRWEB) April 25, 2012

For 2012, month after month foreclosures have been steadily rising each month throughout the six counties of Cook, Will, Kane, Lake, McHenry, and DuPage. The total home foreclosures in January for the combined counties were 5,138. In February, the total number jumped to 6168 - almost a 20% increase from January. In March, the number of foreclosures in Chicago area increased even higher to 6,442 - a 5% increase from February. Overall, there was about a 25% increase from January to March of 2012.

Although foreclosures are down overall in the Chicago metropolitan area, foreclosures are still a severe problem nation wide. From the second half of 2010 until the second half of 2011, foreclosures filings were down by almost 19% throughout the six Chicagoland counties. There were nearly 80,000 filings in the second half of 2010 and almost 65,000 during the second half of 2011. Comparing the total year of 2011 to 2010, there was about a 20% decrease overall in 2011 in the six Chicagoland counties.

Source: PR Web (press release)