Foreclosures: Not much holiday cheer here

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Public Trustee Tom Mowle reports that foreclosures remained high in November. In fact, the 430 foreclosures filed made for the highest number in seven months, putting the county on pace for its second-highest annual total ever.

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Here's his report:

The trend observed in October — relatively high numbers of both releases of deeds and foreclosure starts — continued for another month.

We started 430 foreclosures in November, the highest number since April. While I don’t see much of a seasonal cycle in foreclosure starts, this is unusual — this is only the 2nd time in the past 10 years that foreclosure starts increased in November. Fortunately, the upward trends appears to be tapering a bit. While we peaked mid-month with 26 filings received per day, this began to drop at the end of the month. An average December will result in a total of 4800 foreclosures started for the year, which would be the 2nd highest total ever for El Paso County.

The number of properties sold at auction remained low this month. While some Bank of America and GMAC bids have been placed over the past few weeks, the lenders are continuing to take a lower number of properties to auction each week than they had been. Also, the proportion of properties being purchased at auction by third parties is lower than it has been — only 10 of the 165 sales this month went to third parties.

In November, 3306 Deeds of Trust were released, the 4th month in a row with over 3000 releases. While these numbers are better than they have been, it would take another month of over 3000 to top the 2001 total; barring a very unlikely surge in releases in December, this will be the lowest year for releases (a rough measure of private property home sales or refinancing) since 2001.

As always, if you have any questions about this report, or about foreclosures in general, please feel free to call me at 719-520-6787 or reply to this email.

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