El Paso County foreclosures on another record pace

Not good:

El Paso County's housing woes showed little sign of easing last month, as local foreclosures continued on a record pace.

Foreclosure filings totaled 480 in April, bringing the year-to-date total to 1,696, according to a report Thursday by the El Paso County Public Trustee's Office.

At that pace, said Trustee Tom Mowle, foreclosures could top 5,000 for the year, which would shatter last year's record of 3,556 filings, although the percentage of area households in foreclosure is smaller than in previous housing downturns.

The nation's mortgage industry crisis has been cited by many experts as one of the major causes of rising foreclosures in the Springs and elsewhere. Many buyers bought homes using adjustable-rate, interest-only and other nontraditional loans.

I won't say it.........