Colorado Foreclosure Activity Rises in First Quarter

Statewide filings up 27 percent from last year

March numbers up from a month earlier and from a year ago

 

Foreclosure activity in Colorado rose 9 percent during the first quarter of 2010, and was up 27 percent from the same period last year. In all, the state reported 16,023 properties with foreclosure filings, ranking it 10th highest foreclosure total in the nation for the quarter.

 

In March the state reported 6,252 properties with foreclosure filings, a 21 percent increase from the previous month and 12 percent above the level reported in March 2009. One in every 344 Colorado housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate.

 

Colorado’s foreclosure activity continued to climb in the first quarter of 2010 and in March, ranking it 10th highest foreclosure total in the nation for both time periods,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment levels the highest experienced by the state since the 1980s, Colorado has consistently remains among the worst affected areas in the nation.”

 

California continued to lead the nation in total foreclosure activity, reporting 216,263 properties with foreclosure filings during the first quarter. Florida maintained its ranking as second highest, reporting 153,540 properties with foreclosure filings for the quarter. Arizona came in third, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

One in every 134 Colorado housing units received a foreclosure filing during the quarter – the 10th highest state foreclosure rate in the nation.

 

Weld County posts top foreclosure rate for the first quarter

Weld County had the highest county foreclosure rate in the state during the first quarter, with one in every 71 housing units receiving a foreclosure filing — twice the national average and 1.9 times the state average. Adams County had the second highest rate, with one in every 82 housing units receiving a foreclosure filing — 1.7 times the national average and 1.6 times the state average. Douglas County came in third, with one in every 87 housing units receiving a foreclosure filing — 1.6 times the national average and 1.6 times the state average.

 

Arapahoe County leads the state in total foreclosures for the first quarter

Arapahoe County tallied the most foreclosure activity of any county in the state, totaling 2,221 properties with foreclosure filings for the quarter. Denver County was second, reporting 2,052 properties with foreclosure filings. Reporting 1,999 properties with foreclosure filings for the quarter, Adams County came in third. El Paso County was fourth, reporting 1,943 properties with foreclosure filings. Fifth highest total was Jefferson County, where 1,442 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to quarterly foreclosure total

Colorado represented 2 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Colorado

49

0

10,671

0

5,303

16,023

134

1.03

n/a

 

 

 

 

 

 

 

 

 

 

Weld

2

0

798

0

527

1,327

71

1.95

1.90

Adams

2

0

1,319

0

678

1,999

82

1.69

1.64

Douglas

2

0

749

0

420

1,171

87

1.60

1.55

Lake

0

0

0

0

45

45

97

1.43

1.38

Arapahoe

6

0

1,467

0

748

2,221

104

1.33

1.29

 

 

Colorado Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Colorado

49

0

10,671

0

5,303

16,023

134

8.99

27.12

 

 

 

 

 

 

 

 

 

 

Arapahoe

6

0

1,467

0

748

2,221

104

14.60

31.03

Denver

12

0

1,330

0

710

2,052

135

22.51

23.76

Adams

2

0

1,319

0

678

1,999

82

13.45

10.99

El Paso

11

0

1,243

0

689

1,943

127

9.28

9.90

Jefferson

6

0

950

0

486

1,442

159

-0.48

33.40

 

 

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