Colorado Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide decrease 11 percent from April.

 

Colorado reported 4,876 properties with foreclosure filings in May, an 11 percent decline from the previous month, and 15 percent below the level reported in May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

Colorado foreclosures headed downward both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is currently well below the national average. Plus, home values have not declined as far as they have in many other states during the past year. These are major contributing factors to the current direction foreclosures have taken the state.”

 

Colorado ranked 12th in the country in total foreclosures for the month. With one in every 436 housing units receiving a foreclosure filing, its foreclosure rate ranked eighth among the 50 states.

 

Five counties report bulk of state’s foreclosure activity for May

Five counties accounted for 64 percent of all foreclosure activity in the state for May. Arapahoe County led the way, reporting 734 properties with foreclosure filings for the month. Second highest total was in Denver County, where 716 properties with foreclosure filings were reported. Adams County had the third highest total, reporting 608 properties with foreclosure filings, followed by El Paso County, where 602 properties with foreclosure filings were tallied. Fifth highest total was documented in Jefferson County, where 482 properties with foreclosure filings were reported for the month.

 

Weld County posts state’s highest foreclosure rate for May

With one in every 226 housing units receiving a foreclosure filing during the month, Weld County posted the highest county foreclosure rate in the state during May. Adams County had the second highest rate, with one in every 267 housing units receiving a foreclosure filing. Third highest rate was found in Arapahoe County, where one in every 311 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Colorado represented 2 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units 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 Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Colorado

4

0

3,708

0

1,164

4,876

436

-11.26

-14.98

 

 

 

 

 

 

 

 

 

 

Adams

0

0

435

0

173

608

267

-33.91

-34.13

Alamosa

0

0

2

0

0

2

3,232

-50.00

-75.00

Arapahoe

1

0

537

0

196

734

311

-9.49

-21.83

Archuleta

0

0

19

0

1

20

415

0.00

122.22

Baca

0

0

0

0

0

0

 n/a

 n/a

 n/a

Bent

0

0

0

0

0

0

 n/a

 n/a

 n/a

Boulder

0

0

155

0

28

183

675

12.27

67.89

Broomfield

0

0

30

0

13

43

469

-10.42

4.88

Chaffee

0

0

7

0

0

7

1,393

16.67

75.00

Cheyenne

0

0

0

0

0

0

 n/a

 n/a

 n/a

Clear Creek

0

0

0

0

0

0

 n/a

-100.00

-100.00

Conejos

0

0

0

0

0

0

 n/a

-100.00

-100.00

Costilla

0

0

1

0

2

3

768

50.00

200.00

Crowley

0

0

0

0

0

0

 n/a

 n/a

 n/a

Custer

0

0

0

0

0

0

 n/a

-100.00

 n/a

Delta

0

0

16

0

3

19

695

26.67

137.50

Denver

0

0

508

0

208

716

383

-9.37

-36.30

Dolores

0

0

0

0

1

1

1,285

 n/a

 n/a

Douglas

2

0

175

0

29

206

482

-28.97

-42.62

Eagle

0

0

15

0

1

16

1,666

-40.74

100.00

El Paso

1

0

445

0

156

602

405

-10.28

13.37

Elbert

0

0

17

0

1

18

490

-18.18

-40.00

Fremont

0

0

27

0

2

29

661

61.11

 n/a

Garfield

0

0

35

0

0

35

609

-10.26

105.88

Gilpin

0

0

9

0

1

10

343

400.00

25.00

Grand

0

0

10

0

2

12

1,225

50.00

50.00

Gunnison

0

0

16

0

3

19

567

5.56

35.71

Hinsdale

0

0

0

0

0

0

 n/a

 n/a

 n/a

Huerfano

0

0

0

0

0

0

 n/a

 n/a

 n/a

Jackson

0

0

0

0

0

0

 n/a

 n/a

 n/a

Jefferson

0

0

374

0

108

482

473

-3.60

22.96

Kiowa

0

0

0

0

0

0

 n/a

 n/a

 n/a

Kit Carson

0

0

0

0

0

0

 n/a

 n/a

 n/a

La Plata

0

0

29

0

3

32

791

-37.25

357.14

Lake

0

0

0

0

0

0

 n/a

-100.00

 n/a

Larimer

0

0

189

0

31

220

579

10.55

-28.34

Las Animas

0

0

7

0

0

7

1,150

16.67

0.00

Lincoln

0

0

5

0

0

5

490

150.00

-37.50

Logan

0

0

6

0

0

6

1,458

-40.00

100.00

Mesa

0

0

53

0

9

62

946

-35.42

-6.06

Mineral

0

0

0

0

0

0

 n/a

 n/a

 n/a

Moffat

0

0

3

0

0

3

2,011

-40.00

0.00

Montezuma

0

0

8

0

0

8

1,390

-42.86

33.33

Montrose

0

0

18

0

1

19

906

-45.71

-5.00

Morgan

0

0

20

0

8

28

399

47.37

115.38

Otero

0

0

10

0

0

10

890

25.00

66.67

Ouray

0

0

3

0

1

4

687

0.00

 n/a

Park

0

0

21

0

2

23

570

-11.54

666.67

Phillips

0

0

0

0

0

0

 n/a

 n/a

 n/a

Pitkin

0

0

10

0

0

10

1,125

150.00

400.00

Prowers

0

0

5

0

0

5

1,216

66.67

-37.50

Pueblo

0

0

123

0

52

175

383

-10.71

-39.45

Rio Blanco

0

0

2

0

0

2

1,530

-33.33

0.00

Rio Grande

0

0

8

0

1

9

738

125.00

-50.00

Routt

0

0

10

0

2

12

1,184

0.00

300.00

Saguache

0

0

0

0

0

0

 n/a

 n/a

 n/a

San Juan

0

0

0

0

0

0

 n/a

-100.00

 n/a

San Miguel

0

0

6

0

0

6

1,027

100.00

 n/a

Sedgwick

0

0

0

0

0

0

 n/a

 n/a

 n/a

Summit

0

0

22

0

1

23

1,228

15.00

76.92

Teller

0

0

19

0

14

33

365

94.12

6.45

Washington

0

0

0

0

0

0

 n/a

 n/a

 n/a

Weld

0

0

298

0

111

409

226

11.14

14.57

Yuma

0

0

0

0

0

0

 n/a

 n/a

 n/a

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