Regional
(2010-02-04)
GREELEY, CO
(KUNC) -
The number of completed foreclosures has dropped 18 percent since 2007, with the number down 4 percent over 2008. Ryan McMaken is with the Colorado Division of Housing. He says that's good news - even though new foreclosure filings were up 18 percent in 2009 versus 2008. He says that means more homeowners are finding ways to stay in their homes. McMaken says housing officials are cautiously optimistic at a time when the reasons for foreclosure are shifting.
"What we're seeing more and more is not foreclosure as an issue surrounded by interest only loans or adjustable rate loans, that seems to have gone through the system. What we're seeing now is unemployment and wage reduction that's really driving a lot of foreclosures," McMaken says.
Another shift is the areas hit by foreclosures. Mcmaken says in recent years the Front Range, most notably the Weld County and the Denver Metro-area, accounted for the bulk of foreclosures in the state. Now, Boulder county and some mountain resort areas are seeing more foreclosures. Mcmaken says it's truly becoming a statewide issue.
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