Eagle second worst county for Colorado foreclosure sales in first quarter of 2012

By David O. Williams
Real AspenMay 15, 2012
While Colorado’s residential real estate market as a whole is slowly climbing out of an historically deep hole, Eagle County remains mired in the depths of a housing crash that started late in 2008.

Eagle County – which slices through the Roaring Fork Valley and includes parts of Basalt, El Jebel and Missouri Heights – was the second worst county in the state in terms of foreclosure sales during the first three months of 2012. Only tiny San Juan County in southwestern Colorado had a higher percentage of homes sold in foreclosure auctions in the first quarter of 2012, according to a recent report issued by the Colorado Division of Housing (pdf).

“Several mountain counties are still dealing with growth in foreclosure activity, and may not have peaked yet,” Colorado Division of Housing spokesman Ryan McMaken said in a press release. “The Front Range, however, which drives the overall statewide totals, looks like it peaked back in 2010.”
A foreclosure protest at a Wells Fargo bank in Denver last week.
Scot Kersgaard/Colorado Independent


Statewide, foreclosure auction sales were down 25 percent compared to the first quarter of 2011. But 16 Colorado counties – mostly in the mountains – registered continued growth in foreclosure sales.

Eagle County, also home to tony ski resorts Vail and Beaver Creek, saw 117 foreclosure sales in the first quarter out of 19,209 households. That’s a foreclosure rate of .61 percent, or one in every 164 households. Remote and sparsely populated San Juan County had only three foreclosure sales out of just 349 households. Garfield County was third worst in the state with 101 foreclosure sales -- or one out of every 201 homes.

According to a recent market analysis by Land Title Guarantee Company (pdf), March saw the highest number of overall real estate transactions of any month so far this year (102), but 17 of those were bank sales. So far there have been 56 banks sales through the first quarter of the year for a total of $15 million. The average foreclosure sales price in 2012 has been $273,421.

While things are improving on Colorado’s Front Range, homeowner anger and frustration with institutions such as Wells Fargo and Bank of America continues to bubble to the surface. Protesters targeted a Wells Fargo in Denver last week.

“We receive calls from homeowners in similar situations weekly, almost daily, and it is always the same two banks -- Wells Fargo and Bank of America,” Corrine Fowler, economic justice campaign director for Colorado Progressive Coalition, told the Colorado Independent.


comments: 0 Comments on "Eagle second worst county for Colorado foreclosure sales in first quarter of 2012"

Be the first to comment below.

COMMENT
Comment Form Info  Comment Information
Real Aspen encourages you to post comments on our articles and blogs. Logged in email is required for monitoring purposes. Your email will not be published and will not be distributed to any third-party. Abusive, obscene, profane, threatening, libelous or defamatory comments are prohibited. By posting a comment, you agree to this policy and our terms of use. To report an abusive posting, please contact us.

To make a comment, please log in or create an account. This helps us prevent spam and other malicious attacks.

Please log in to comment

 

Create a user account to comment

Snow Report

  24hr snow mid dpth snow cond.
A-Basin n/a n/a
Aspen n/a n/a closed
BC n/a n/a closed
Breckenridge n/a n/a closed
Buttermilk n/a n/a closed
Copper n/a n/a closed
Crest. Butte n/a n/a closed
Eldora n/a n/a closed
Heavenly n/a n/a closed
Highlands n/a n/a
Howelsen n/a n/a closed
Keystone n/a n/a closed
Kirkwood n/a n/a closed
Loveland n/a n/a
Monarch n/a n/a closed
Northstar n/a n/a closed
Powderhorn n/a n/a closed
Purgatory n/a n/a closed
Silverton n/a n/a closed
Ski Cooper n/a n/a closed
Ski Granby n/a n/a closed
Snowmass n/a n/a closed
Steamboat n/a n/a closed
Sunlight n/a n/a closed
Telluride n/a n/a closed
Vail n/a n/a closed
WinterPark n/a n/a closed
Wolf Creek n/a n/a closed
More Weather Reports
VIDEO GALLERY
A teaser to the Winter X Games in Aspen
Methane from Bill Koch's coal mine powers Aspen Skiing Company
'Circle of Corduroy'