Denver Area Foreclosures Down 24%

During the first nine months of 2012, Denver Area Foreclosures are down 24% over the same period in 2011.  There were 11,898 auction sales this year compared to 15,565 in 2011.  This number is the actual number of sales of properties.  This number does not include the homes that had foreclosure filings, but the foreclosure sale was haulted for some reason, like short sale.

The total number of Denver area foreclosure filings was also down during this period.  In 2012, there have been 22,920 filings versus 23,438 filings in 2011.  This 2.2% reduction is significantly less than the sale numbers for a variety of reasons.

The primary reasons for the dramatic reduction in foreclosure sales compared to foreclosure filings, are:

  1. Banks are more willing to work with home seller’s.  Through HAFA and other government programs, the foreclosing lenders are more amenable to accepting short sales, and working out solutions to keep defaulting owners in their homes.
  2. Employment is up, and this allows people to save their homes, before the foreclosure sale occurs.
  3. The real estate market has improved, and prices have increased.  This has allowed many defaulting home owners the opportunity to sell their home, rather than be foreclosed on.

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