Foreclosures across the area have been steadily falling since 2010, according to district court data.
The number of completed foreclosures fell from 132 properties in 2010 to 61 properties in 2013, district court numbers show. The district court handles cases in Montezuma and Dolores counties.
The number of foreclosure filings is slightly lagging behind last year’s pace, said Public Trustee Sherry Dyess.
Attorneys have filed documents to start the foreclosure process on 29 properties this year. But some owners might still catch up on their payments and avoid foreclosure, she said.
In general, Montezuma County sees far more foreclosures on private homes than on commercial properties. Only one commercial property faced foreclosure proceedings this year, Dyess said.
Across Colorado, the current foreclosure rate has hit a 10-year low, said Ryan McMaken, economist for the Colorado Division of Housing.
The foreclosure rate is more or less at the pre-recession levels of 2004 and 2005, which were relatively good years for employment and economic growth, he said.
“Even in the best economy, there will be some foreclosures because some households – even during boom times – will find themselves unable to pay their mortgages,” McMaken said.
One of the reasons for a lower foreclosure rate is that fewer people have been approved for home loans in recent years, he said.
One of the owners of 4 Corners Properties, Tim Singleton, said the foreclosure trend followed his expectations.
Just as the number of foreclosures is on par with last year’s, so are home sales, Singleton said.
But he is hopeful that more home sales will close in July.
“There is buyer interest that hasn’t fully kicked in,” he said.
mshinn@cortezjournal.com
