Summit County foreclosures hit three-year low in 2012
February 17, 2013
Foreclosures in Summit County fell to the lowest levels since 2008 last year, dropping to 264 in 2012 from 316 in 2011, according to data from the Summit County Treasurer’s Office.
Accounting for the number of foreclosures that involved time-share properties, which fluctuates, local filings for single-family homes appear to be on track to return to pre-recession levels.
There were 33 foreclosures in 2008. That number spiked to 47 in 2009 and got as high as 145 in 2011 before beginning to decline last year.
“It could be people’s financial situations improving,” Summit County Treasurer Bill Wallace said. “Or, the other guess is second-home owners are either unable to keep their homes or haven’t been buying second homes. ”
Though foreclosures are holding steady to last year so far in 2013, experts expect to see the number of filings decline again over the next 12 months, saying Summit County’s market seems to be directly linked to, though slightly behind, Denver’s.
“It’s coming back down,” said Maggie Dew, business development officer for Stuart Title in Frisco. “We’re close enough to Denver that when their market is strong, then our market is strong as well. However, we do lag behind their market.”
Foreclosure sales across the state have fallen to a six-year low, down 18 percent in 2012 from the year before, with all but 15 counties across the state posting declines last year.
There are more than 30,000 properties on the tax roll in Summit County, and only a small fraction of them have been foreclosed, even through the rough economy of the last few years.
“It’s still not been a dramatic part of our market,” Dew said.
Foreclosures can take between seven months and a year to complete, from the time a notice of election and demand is issued when a homeowner is behind 90 days on payment.