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Colorado Springs’ foreclosure picture continues to brighten, reports show

Published: June 30, 2014, 4:10 pm, by Rich Laden

foreclosure-sign Colorado Springs’ foreclosure picture continues to improve, according to a pair of recent reports by CoreLogic, the California-based housing data firm. In one report, the number of Colorado Springs residents who were under water on their homes during the first quarter of 2014 had been cut in half from a year earlier, CoreLogic says. In the first three months of this year, 11,073 or 7.1 percent of residential property owners in the Springs with a mortgage were in negative equity — they owed more on their loans than their properties were worth, CoreLogic’s report showed. In the fourth quarter of last year, 15,142 or 9.9 percent of local property owners were under water. And in the first quarter of 2013, the number was 22,580 or 14.6 percent of property owners. Meanwhile, a separate CoreLogic report shows that the percentage of Springs-area mortgage holders who were delinquent on their loan payments by 90 days or more fell to 2.6 percent in April, down from 3.1 percent during the same month in 2013. That figure had been as high as 4.8 percent in January 2010. Also, Colorado Springs’ foreclosure rate — the percentage of local loans in some stage of foreclosure — was 0.8 percent in April, down from 0.9 percent during the same month last year. The Springs’ foreclosure rate had been as high as 1.8 percent in January 2011.