Thursday, April 5, 2012

Summit County Foreclosure Update for February 2012

Summit County Colorado Foreclosure Statistics - Reported April 2012 for the month February 2012.

In February 2012 there have been 60 foreclosure actions; 49 with fee simple (100%) ownership, 10 for timeshares, and one unknown. In February the Summit County Treasurer’s Office issued 11 Public Trustee’s Deeds - 8 for fee simple ownership, and 3 for timeshares.

The breakdown of the type of foreclosure actions for February 2012 is as follows. There have been 39 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 0 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 21 Public Trustee's Deeds in February 2012. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 27 single family homes, 21 multifamily units, 0 parcels of vacant land, 1 developments, 0 commercial properties, 1 unknown actions, and 10 timeshares in Summit County had foreclosure actions filed against them in February 2012. Twenty-four are in Breckenridge, (but note, that all timeshares are in Breckenridge); 5 each in Blue River, Farmer’s Corner and Frisco; and 4 each in Keystone and Silverthorne.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. 2011 rounds out with 326 NED’s and 227 Public Trustee Deeds.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at, or call me at 970-389-8388.
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