Colorado Foreclosure Activity Decreases in May

Statewide filings down 24 percent from April; down 1 percent from May 2009

 

Foreclosure activity in Colorado fell 24 percent in May to 4,843 properties with foreclosure filings, 1 percent below the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Colorado foreclosures dropped in May and is down from this time last year,” said James J. Sacaccio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 30 percent for the month. The state’s home prices increased slightly during the first quarter while most states experienced declines. These factors are contributing to the recent fall in foreclosure activity.”

 

Colorado ranked 16th in the country in total foreclosures for the month. With one in every 444 housing units receiving a foreclosure filing, its foreclosure rate ranked 12th among the 50 states.

 

Weld County dominates in foreclosure rate for May

Weld County posted the highest county foreclosure rate in the state, with one in every 262 housing units receiving a foreclosure filing — 1.5 times the national average and 1.7 times the state average. Adams County came in second, with one in every 269 housing units receiving a foreclosure filing — 1.5 times the national average and 1.7 times the state average. With one in every 312 housing units receiving a foreclosure filing — 1.3 times the national average and 1.4 times the state average — Teller County had the third highest foreclosure rate in the state.

 

Arapahoe County tops in foreclosure total in May

Arapahoe County led all counties in total foreclosure activity in May, reporting 702 properties with foreclosure filings for the month. Adams County came in second, documenting 609 properties with foreclosure filings. Reporting 591 properties with foreclosure filings for the month, Denver County reported the third highest total. El Paso County was fourth highest, reporting 575 properties with foreclosure filings, while Jefferson came in fifth, tallying 478 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total in May

Colorado accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Colorado Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Colorado

22

0

2,965

0

1,856

4,843

444

0.90

n/a

 

 

 

 

 

 

 

 

 

 

Weld

1

0

184

0

174

359

262

1.53

1.70

Adams

1

0

357

0

251

609

269

1.48

1.65

Teller

0

0

30

0

9

39

312

1.28

1.42

Douglas

1

0

209

0

115

325

312

1.28

1.42

Arapahoe

2

0

399

0

301

702

330

1.21

1.35

 

 

Colorado Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Colorado

22

0

2,965

0

1,856

4,843

444

-24.11

-0.68

 

 

 

 

 

 

 

 

 

 

Arapahoe

2

0

399

0

301

702

330

-4.36

-4.36

Adams

1

0

357

0

251

609

269

-20.60

0.16

Denver

6

0

355

0

230

591

469

-22.64

-17.46

El Paso

0

0

353

0

222

575

428

-27.12

-4.49

Jefferson

0

0

311

0

167

478

479

-36.35

-0.83

 

 

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