Foreclosures in Colorado Springs continue to drop in 2017, according to the latest news from CoreLogic, a global property company that focuses on analyzing markets.
The local numbers reflect a growing trend. In the Springs, mortgage delinquencies are down .8 percent from this time last year, with 2.6 percent of homes mortgages in some stage of delinquency — ranging from 30 days past due to foreclosure — during June, the latest month numbers are available. Nationally, about 4.5 percent of home mortgages were delinquent in June, also an .8 percent drop from the same time in 2016.
Core Logic says mortgages in serious delinquency, defined as 90 days or more past due, were just .9 percent of the city’s home inventory in June 2017, compared with 1.4 percent a year earlier. The foreclosure inventory rate for June in Colorado Springs was .3 percent this June, compared with .4 percent a year earlier.
The numbers show a healthy mortgage lending market, experts say, and reflect a recovered lending market and real estate market.
For comparison, the El Paso County Public Trustee’s office shows 5,288 foreclosures in 2009, during the height of the financial crisis. That number dropped to 1,287 county-wide last year, according to reports. So far in 2017, there have been 558 started foreclosures. The numbers for 2016 through June were 738 started foreclosures.
New foreclosure starts are also down: The Public Trustee’s Office, under Tom Mowle, has seen 78 foreclosure starts in June, compared to 100 starts in June of 2017.