Foreclosures across the area have been steadily falling since 2010, according to district court data.<\/p>\n
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.<\/p>\n
The number of foreclosure filings is slightly lagging behind last year\u2019s pace, said Public Trustee Sherry Dyess.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Across Colorado, the current foreclosure rate has hit a 10-year low, said Ryan McMaken, economist for the Colorado Division of Housing.<\/p>\n
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.<\/p>\n
\u201cEven in the best economy, there will be some foreclosures because some households \u2013 even during boom times \u2013 will find themselves unable to pay their mortgages,\u201d McMaken said.<\/p>\n
One of the reasons for a lower foreclosure rate is that fewer people have been approved for home loans in recent years, he said.<\/p>\n
One of the owners of 4 Corners Properties, Tim Singleton, said the foreclosure trend followed his expectations.<\/p>\n
Just as the number of foreclosures is on par with last year\u2019s, so are home sales, Singleton said.<\/p>\n
But he is hopeful that more home sales will close in July.<\/p>\n
\u201cThere is buyer interest that hasn\u2019t fully kicked in,\u201d he said.<\/p>\n