The number of Colorado Springs-area residential and commercial properties that fell into foreclosure in February rose to its highest level since last summer, a new report shows.
Even so, local foreclosure activity in general has declined dramatically in recent years and shows no signs of returning to the furious pace that plagued the area during the Great Recession.
Foreclosure notices sent to El Paso County property owners totaled 108 last month, an increase of nearly 20 from January and the highest tally since 109 in August 2016, the El Paso County Public Trustee's Office said.
Still, February's total was down almost 50 on a year-over-year basis. And for the first two months of the year, foreclosure notices totaled 195 or nearly one-third lower than the same period in 2016.
Foreclosure notices are sent to property owners who fall several months behind in their mortgage and loan payments. If they fail to resolve the matter with lenders, they could lose their properties at a Public Trustee's auction.
However, as the economy and single-family home market have improved, the number of properties falling into foreclosure has declined. Last year's total of 1,287 foreclosure notices was the lowest in El Paso County since 2001. Foreclosure notices totaled a record high of 5,288 in 2009.
