GarCo foreclosures up sharply
Garfield County is experiencing a sharp rise in foreclosures so far this year.
Thirty-two foreclosures were filed with the county through Feb. 25, putting it on an early pace to nearly double foreclosures in 2009 versus last year.
At this rate, the county would have 209 foreclosures this year. That would be up from 108 last year. It also would be the highest amount since foreclosures in the county reached 244 in 1985.
However, there are a lot more homes in the county now than there were in 1985, said Georgia Chamberlain, Garfield County’s treasurer and public trustee. As a result, the proportional amount of foreclosures versus homeowners would be lower.
Chamberlain told county commissioners Monday that the spike may be related to the recent end of a foreclosure moratorium.
That moratorium was for foreclosures on Fannie Mae and Freddie Mac mortgages.
Chamberlain said it may have created a backlog. Some of those foreclosures otherwise might have been part of the 2008 total.
Forty-three percent of foreclosure filings last year were withdrawn later because the cases were resolved before proceedings were completed. County Commissioner Mike Samson hopes that trend continues for this year.
“So if it’s 206 (foreclosures in 2009), hopefully about 100 of those won’t go through the process,” he said.