COLORADO FORECLOSURE ACTIVITY DOWN 8 PERCENT IN MARCH

Statewide Filings Down 1 Percent From March 2007; Foreclosure Rate Ranked No. 5

 

IRVINE, Calif. – April 25, 2008 – Colorado reported 6,180 properties with foreclosure filings in March, an 8 percent decrease in activity from the previous month, and down 1 percent from the level reported for March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 339 Colorado households received a foreclosure filing during the month, the fifth highest foreclosure rate among the states and 1.6 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“Although foreclosure activity in Colorado slowed slightly in March, we are still seeing significant foreclosure filings in Denver and other parts of northern Colorado,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is well below the national average , but home prices are appreciating at a much slower rate than before, making if more difficult for homeowners — especially in the Mile High City and the Front Range region of the state — to pay sell their way out of foreclosure.”

 

Foreclosure activity in the Centennial State is well behind national leader California, which documented 64,711 properties with foreclosure filings in March. Florida is also way ahead in second place, reporting 30,254 properties with foreclosure filings. Third place Ohio had 11,273 properties with foreclosure filings for the month, followed closely by fourth place Georgia, reporting 11,047 properties with foreclosure filings. Reporting 10,700 properties with foreclosure filings, Texas had the nation’s fifth highest foreclosure total. The remaining states in the nation’s top 10 foreclosure totals in March were Michigan, Arizona, Illinois and Nevada.

 

Top five counties lead state in foreclosure activity for March

Foreclosure activity in five Colorado counties accounted for 72 percent of all the state’s foreclosure filings in March. Denver County continued to lead the state by a large margin in foreclosure activity in March, reporting 1,353 properties with foreclosure filings. Second place Arapahoe County documented 1,049 properties with foreclosure filings, while third place Adams County reported 976 properties with foreclosure filings for the month. Jefferson County posted the state’s fourth highest total, reporting 540 properties with foreclosure filings. El Paso County registered the fifth highest total, reporting 531 properties with foreclosure filings.

 

Teller County posts state’s highest foreclosure rate for the month

Teller County led the state with a foreclosure rate of one in every 122 households receiving a foreclosure filing — 2.8 times the state average and 4.4 times the national average. Adams County posted the state’s second highest foreclosure rate, with one in every 163 households receiving a foreclosure filing — 2.1 times the state average and 3.3 times the national average. The third highest rate was documented in Lincoln County, where one in every 175 households received a foreclosure filing — 1.9 times the state average and 3.1 times the national average.

 

State contributes to nation’s total in March

Total foreclosure filings in Colorado accounted for 3 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Colorado

35

0

3,954

0

2,191

6,180

339

1.59

n/a

 

 

 

 

 

 

 

 

 

 

Adams

1

0

567

0

408

976

163

3.30

2.08

Alamosa

0

0

3

0

2

5

1,287

0.42

0.26

Arapahoe

2

0

687

0

360

1,049

216

2.49

1.57

Archuleta

0

0

4

0

2

6

1,335

0.40

0.25

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

1

0

89

0

34

124

990

0.54

0.34

Broomfield

0

0

27

0

11

38

505

1.07

0.67

Chaffee

0

0

1

0

1

2

4,812

0.11

0.07

Cheyenne

0

0

0

0

0

0

n/a

0.00

0.00

Clear Creek

0

0

6

0

1

7

776

0.69

0.44

Conejos

0

0

0

0

0

0

n/a

0.00

0.00

Costilla

0

0

1

0

0

1

2,295

0.23

0.15

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

7

0

5

12

1,093

0.49

0.31

Denver

1

0

880

0

472

1,353

200

2.69

1.69

Dolores

0

0

0

0

0

0

n/a

0.00

0.00

Douglas

0

0

209

0

156

365

261

2.06

1.30

Eagle

0

0

7

0

3

10

2,611

0.21

0.13

El Paso

0

0

379

0

152

531

451

1.19

0.75

Elbert

0

0

24

0

16

40

215

2.50

1.58

Fremont

0

0

0

0

1

1

18,988

0.03

0.02

Garfield

0

0

8

0

0

8

2,580

0.21

0.13

Gilpin

0

0

6

0

0

6

558

0.96

0.61

Grand

0

0

3

0

0

3

4,636

0.12

0.07

Gunnison

1

0

3

0

1

5

2,109

0.26

0.16

Hinsdale

0

0

0

0

0

0

n/a

0.00

0.00

Huerfano

0

0

0

0

1

1

4,996

0.11

0.07

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

26

0

329

0

185

540

419

1.29

0.81

Kiowa

0

0

0

0

0

0

n/a

0.00

0.00

Kit Carson

0

0

0

0

0

0

n/a

0.00

0.00

La Plata

0

0

4

0

2

6

4,115

0.13

0.08

Lake

0

0

0

0

0

0

n/a

0.00

0.00

Larimer

0

0

145

0

62

207

605

0.89

0.56

Las Animas

1

0

3

0

0

4

2,008

0.27

0.17

Lincoln

0

0

10

0

4

14

175

3.07

1.94

Logan

0

0

4

0

3

7

1,248

0.43

0.27

Mesa

0

0

19

0

3

22

2,604

0.21

0.13

Mineral

0

0

0

0

0

0

n/a

0.00

0.00

Moffat

0

0

4

0

0

4

1,501

0.36

0.23

Montezuma

0

0

5

0

4

9

1,234

0.44

0.27

Montrose

0

0

4

0

3

7

2,391

0.23

0.14

Morgan

1

0

14

0

3

18

619

0.87

0.55

Otero

0

0

2

0

7

9

990

0.54

0.34

Ouray

0

0

0

0

0

0

n/a

0.00

0.00

Park

0

0

0

0

3

3

4,269

0.13

0.08

Phillips

0

0

0

0

0

0

n/a

0.00

0.00

Pitkin

1

0

1

0

0

2

5,524

0.10

0.06

Prowers

0

0

4

0

0

4

1,526

0.35

0.22

Pueblo

0

0

127

0

95

222

297

1.81

1.14

Rio Blanco

0

0

0

0

0

0

n/a

0.00

0.00

Rio Grande

0

0

4

0

8

12

550

0.98

0.62

Routt

0

0

1

0

0

1

13,816

0.04

0.02

Saguache

0

0

0

0

0

0

n/a

0.00

0.00

San Juan

0

0

1

0

0

1

713

0.75

0.48

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

2

0

0

2

13,948

0.04

0.02

Teller

0

0

52

0

46

98

122

4.43

2.79

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Weld

0

0

307

0

137

444

203

2.65

1.67

Yuma

0

0

1

0

0

1

4,392

0.12

0.08

 

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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