An article from The Denver Post, reports that according to the Colorado Division of Housing, foreclosure filings in Colorado continued to surge in the first quarter, but at a slower pace than last year. Reports from public trustees show 23% more foreclosure starts in the first quarter of 2008 than in the same period last year. However, the pace is slower than the 40% jump seen across 2007 and the 31% pace of 2006. Ryan McMaken, a Housing Division spokesman who compiles the quarterly survey said, "We are hopeful we are looking at a 15 percent to 20 percent increase in foreclosures for the year." Public trustees recorded 11,630 foreclosures between January and March, and 5,875 cases where a borrower lost the home at auction. According to McMaken, the change in foreclosure rules at the start of the year extended the time that delinquent borrowers have to get caught up on their loans before the home goes to auction, which reduced the number of auction sales in March and April.
http://www.denverpost.com/business/ci_9275172
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