COLORADO FORECLOSURE ACTIVITY DOWN 14 PERCENT IN AUGUST

Foreclosure Activity Decreases 30 Percent From August 2007; Rate in Top 10

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 4,633 Colorado properties in August, a decrease of 14 percent from the previous month and 30 percent below the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 452 Colorado households received a foreclosure filing during the month, ranking the eighth highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Colorado’s foreclosure activity in August was at the lowest level we’ve seen since January 2007, and is down significantly from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Correspondingly, unemployment in the state is well below the national average even though home sales volume and prices remain down from this time last year. So although there is some good news overall, the fact of the matter is that the real estate market — and thus the flow of foreclosures — has not bottomed out yet.”

 

Adams County tops state in foreclosure activity for August

Adams County led the state in foreclosure activity, reporting 760 properties with foreclosure filings in August. Arapahoe County came in second highest, reporting 731 properties with foreclosure filings for the month. Third highest was Denver County, reporting 634 properties with foreclosure filings. El Paso County came in fourth place, documenting 556 properties with foreclosure filings. Jefferson County came in fifth highest, reporting 417 properties with foreclosure filings during the month.

 

Fremont County posts highest foreclosure rate in the state for August

One in every 86 households receiving a foreclosure filing in Fremont County— 5.3 times the state average and 4.8 times the national average — the highest county foreclosure rate in the state for August. Second highest rate was reported by Adams County, where one in every 209 households received a foreclosure filing — 2.2 times the state average and twice the national average. Third highest rate was registered in Weld County, where one in every 264 households received a foreclosure filing — 1.7 times the state average and 1.6 times the national average.

 

State a modest contributor to nation’s foreclosure total in August

Colorado accounted for 2 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Colorado

10

0

2,209

0

2,414

4,633

452

0.92

n/a

 

 

 

 

 

 

 

 

 

Adams

2

0

293

0

465

760

209

1.99

2.16

Alamosa

0

0

5

0

2

7

920

0.45

0.49

Arapahoe

3

0

256

0

472

731

310

1.34

1.46

Archuleta

0

0

11

0

3

14

572

0.73

0.79

Baca

0

0

0

0

0

0

n/a

0.00

0.00

Bent

0

0

0

0

0

0

n/a

0.00

0.00

Boulder

0

0

70

0

45

115

1,068

0.39

0.42

Broomfield

0

0

11

0

9

20

960

0.43

0.47

Chaffee

0

0

3

0

3

6

1,604

0.26

0.28

Cheyenne

0

0

0

0

0

0

n/a

0.00

0.00

Clear Creek

0

0

2

0

3

5

1,086

0.38

0.42

Conejos

0

0

0

0

0

0

n/a

0.00

0.00

Costilla

0

0

1

0

0

1

2,295

0.18

0.20

Crowley

0

0

0

0

0

0

n/a

0.00

0.00

Custer

0

0

0

0

0

0

n/a

0.00

0.00

Delta

0

0

4

0

6

10

1,312

0.32

0.34

Denver

0

0

219

0

415

634

428

0.97

1.06

Dolores

0

0

1

0

0

1

1,286

0.32

0.35

Douglas

0

0

80

0

60

140

682

0.61

0.66

Eagle

0

0

10

0

1

11

2,374

0.18

0.19

El Paso

0

0

303

0

253

556

431

0.96

1.05

Elbert

0

0

4

0

16

20

430

0.97

1.05

Fremont

0

0

123

0

98

221

86

4.84

5.26

Garfield

0

0

10

0

3

13

1,588

0.26

0.28

Gilpin

0

0

0

0

0

0

n/a

0.00

0.00

Grand

0

0

1

0

1

2

6,954

0.06

0.07

Gunnison

0

0

3

0

0

3

3,515

0.12

0.13

Hinsdale

0

0

0

0

0

0

n/a

0.00

0.00

Huerfano

0

0

0

0

0

0

n/a

0.00

0.00

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

0

244

0

173

417

542

0.77

0.83

Kiowa

0

0

0

0

0

0

n/a

0.00

0.00

Kit Carson

0

0

0

0

1

1

3,557

0.12

0.13

La Plata

0

0

4

0

3

7

3,527

0.12

0.13

Lake

0

0

0

0

0

0

n/a

0.00

0.00

Larimer

0

0

203

0

77

280

447

0.93

1.01

Las Animas

0

0

1

0

0

1

8,033

0.05

0.06

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Logan

0

0

7

0

2

9

971

0.43

0.47

Mesa

0

0

33

0

8

41

1,397

0.30

0.32

Mineral

0

0

0

0

0

0

n/a

0.00

0.00

Moffat

0

0

4

0

0

4

1,501

0.28

0.30

Montezuma

0

0

9

0

2

11

1,009

0.41

0.45

Montrose

0

0

10

0

3

13

1,287

0.32

0.35

Morgan

0

0

7

0

7

14

795

0.52

0.57

Otero

0

0

15

0

3

18

495

0.84

0.91

Ouray

0

0

0

0

0

0

n/a

0.00

0.00

Park

0

0

0

0

1

1

12,807

0.03

0.04

Phillips

0

0

0

0

0

0

n/a

0.00

0.00

Pitkin

0

0

1

0

0

1

11,047

0.04

0.04

Prowers

0

0

3

0

0

3

2,034

0.20

0.22

Pueblo

0

0

46

0

97

143

462

0.90

0.98

Rio Blanco

0

0

1

0

0

1

3,019

0.14

0.15

Rio Grande

0

0

8

0

0

8

825

0.50

0.55

Routt

0

0

1

0

0

1

13,816

0.03

0.03

Saguache

0

0

0

0

0

0

n/a

0.00

0.00

San Juan

0

0

0

0

0

0

n/a

0.00

0.00

San Miguel

0

0

0

0

0

0

n/a

0.00

0.00

Sedgwick

0

0

0

0

0

0

n/a

0.00

0.00

Summit

0

0

6

0

0

6

4,649

0.09

0.10

Teller

0

0

23

0

18

41

290

1.43

1.56

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Weld

5

0

173

0

164

342

264

1.57

1.71

Yuma

0

0

0

0

0

0

n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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