As the Colorado Springs economy and housing market improve, the city's foreclosure woes continue to diminish, according to a report released Tuesday by CoreLogic, a California-based housing data firm.
In August, 0.2% of Colorado Springs-area properties with a mortgage were in some stage of foreclosure, CoreLogic's latest report shows.
A year earlier, twice as many properties were in some stage of foreclosure. And five years ago, the Colorado Springs foreclosure rate was 1.37% in August 2012.
Another sign of an improved foreclosure picture: 0.9% of Colorado Springs mortgage payments were delinquent by at least 90 days in August, according to CoreLogic. That compares with 1.3% a year earlier and 3.74% in August 2012.
During the Great Recession and in subsequent years, Colorado Springs — like many cities nationwide — saw spikes in foreclosure activity.
El Paso County, which includes the Springs numbers, set a record high of 5,288 foreclosure notices in 2009, and increased foreclosure activity led to lower property values in some neighborhoods.
But as the local economy has strengthened and job growth has improved, foreclosure activity has declined dramatically.
At the same time, a much improved single-family housing market has helped lessen foreclosure troubles.
The demand for homes is up, sales in 2017 are on pace to set another record high and property values have risen. As a result, many homeowners who have financial problems have a better chance to sell their homes or refinance their mortgages — allowing them to avoid foreclosure.
Tribune Content Agency