Some more good news today for Denver homes and the greater Colorado market. According to a report released from the Colorado Division of Housing, the number of mortgages paid off in 2012 is up 10.2% compared to last year.
Typically, a mortgage is paid off when a home is sold or refinanced, and these number correspond with the positive increase in sales we’ve been seeing reported elsewhere.
The number of mortgage loans paid off in Colorado was up 10.2 percent during the first half of 2012 compared to the same period of last year, but activity was down from the first quarter of this year to the second quarter. According to a new report released today by the Colorado Division of Housing, public trustees in Colorado released a total of 139,859 deeds of trust during the first half of 2012, and there were 126,903 releases during the same period last year.
Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through refinance, sale of property, or because the owner has made the final payment on the loan. Release activity rises as refinance and home-sale activity increases.
For the second quarter alone, releases of deeds of trust increased 20.7 percent to 65,051 from the 53,878 deeds released during the second quarter of last year. Releases were down 13 percent from the first quarter of this year when there were 74,808 deeds released. The second quarter’s total was the highest total recorded for any second quarter since 2009.
Little was said in this report regarding Denver foreclosures or Denver HUD homes and their affect on these numbers. When a foreclosure is sold, there is no release of a mortgage as the bank own the home outright, so sales of Denver foreclosures are not factored into this report.
If you would like a detailed report for sold Denver Homes in your area or would like to talk to one of our agents in depth about these number, please give us a call at 303-726-1874.