Foreclosure filings are on decline in Routt County
March 31, 2012
Steamboat Springs — Routt County Public Trustee Jeanne Whiddon confirmed Friday that 65 foreclosure filings had been filed in the first quarter of 2012, putting the market on pace for 46 fewer total foreclosures this year than last.
Routt County saw 306 notices of election and demand filed in 2011. The first-quarter results put the market on pace for 260 this year.
"I didn't expect these good numbers because usually the first quarter is right up there," Whiddon said. "We still have a long way to go, but this looks good to me. Sometimes we even see foreclosures drop off in summer."
Foreclosure filings are not the same thing as someone losing their real estate. Rather, it represents the beginning of the process, and many notices of election and demand, or NEDs, are cured or withdrawn before the property is ultimately lost through a bank sale.
Whiddon acknowledged that 260 foreclosure filings still is a big number compared to the years early in the last decade, when the county saw between 40 and 60 NEDs per year. But she's hopeful the latest data is a sign that the local housing market has turned the corner.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com