Colorado Springs foreclosure rate continues downward trend

Fewer properties fell into foreclosure last month, continuing a downward trend over the past several months, reports the El Paso County Public Trustee's Office.

Foreclosure notices in the county totaled just 68 in February, the lowest total for any month in nearly 1.5 years, according to the report.

Colorado Springs

Owners of residential and commercial properties receive foreclosure notices when they fall behind on their mortgages and loans; if they don't resolve the issue with their lenders, owners risk losing their properties at a Public Trustee's auction.

It's too early in the year to know whether February's total portends another down year for foreclosures, Public Trustee Tom Mowle said in his monthly report.

"One month does not make a trend," he said.

As the single-family housing market and local economy have improved, foreclosure activity has dropped. Foreclosure notices have fallen each year since setting a record of 5,288 in 2009. In 2017, foreclosure notices totaled 1,089.

Tribune Content Agency
Foreclosures REO Colorado
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