Alamosa

remains

consistent



By REBECCA

VAN DYKE

ALAMOSA — As politicians and economists continue to forecast doom and grasp at inventive solutions to improve the financial quality of life for the average American and the large multi-national corporations that rely on the consumers, Alamosa County has seen little impact in the housing market.

The numbers of foreclosures in Alamosa County do not show much of an increase regardless of the economic recession. While 2008’s numbers are not finalized, it is clear that there is not much variation from 2007 or 2006.

In 2006, 41 new foreclosures were filed, 15 of which were withdrawn; 2007 saw 62 foreclosures and 28 withdrawals; 2008 ended with 57 foreclosures and 17 withdrawals. According to Lois Widhalm, Alamosa County Treasurer and Public Trustee, “The numbers say we’re down 5 [foreclosures], but we didn’t have as many withdrawn. The numbers did not change drastically.”

According to the U.S. Department of Housing and Urban Development (HUD), there are alternatives to foreclosure. A special forbearance could be negotiated with the mortgage lender to arrange a payment plan based on a mortgage holder’s financial situation. Mortgage holders may qualify if they can prove they have received a reduction in income or an increase in living expenses.

A mortgage modification may refinance the debt and/or extend the term of the loan, according to HUD. It could reduce monthly payments if the mortgage holder qualifies.

A partial claim could help by having the lender obtain a one-time payment from the Federal Housing Administration Insurance Fund to get the mortgage current.

Across the state, the number of foreclosures has decreased 14 percent from 2007 to 2008, according to the Colorado Division of Housing. During the first three quarters of 2008, Colorado saw 16,246 foreclosures. This is a significant decrease from the first three quarters of 2007. At the same point of 2007 there were 19,025 completed foreclosures. “2006 and 2007 saw big increases in foreclosure filings of 30 and 40 percent, so a 14 percent decrease so far this year makes us cautiously optimistic about the future,” said Kathi Williams, director for the Colorado Division of Housing.

Some counties were not able to stake claim to the decrease. Compared from 2007 to 2008, Boulder, Broomfield, Douglas, El Paso, Jefferson, and Larimer Counties all reported increases in foreclosure, according to the Colorado Division of Housing. El Paso topped the chart with a 26 percent increase.

Changes in Colorado law played a part in the decreasing number of foreclosures according to the Colorado Department of Housing. As of January 1, 2008, a transitional period during March and April drove down numbers because few foreclosures could occur while the law was changing. The law increased the owner’s right to cure the property and remove it from sale to 115 days.

As of January 1, there were three foreclosures in Widhalm’s office, opposed to 2008 when the first foreclosure did not come until February 15. “I don’t know if it’s economy driven. With the consistency we see in this county, I don’t know what’s playing into it,” Widhalm said.