Summit County Foreclosure Update for June 2011
In June 2011, there have been 49 foreclosure actions; 30 with fee simple (100%) ownership, and 18 for timeshares. In June the Summit County Treasurer’s Office issued 12 Public Trustee’s Deeds - 9 for fee simple ownership, and 3 for timeshares.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 168 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 has been 1 Certificate of Purchase action 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 94 Public Trustee's Deeds in 2011. 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, 83 single family homes, 64 multifamily units, 11 parcels of vacant land, 5 developments, 3 commercial properties, 17 unknown actions, and 80 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and eleven are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-four are in Blue River, 20 in Silverthorne, 15 in Wildernest, and 14 in Keystone.
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. In the first six months of 2011, Summit County is at 168 NED’s, and if doubled, predicts 336 for 2011.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Amy Nakos, JD, GRI
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