COLORADO FORECLOSURE ACTIVITY UP 24 PERCENT IN OCTOBER

Filings Statewide Unchanged From October 2007; Rate ranks Fifth

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 5,374 Colorado properties in October, an increase of 24 percent from the previous month and unchanged from the level reported for October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 390 Colorado housing units received a foreclosure filing during the month, ranking the state fifth 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.

 

“After being in the nation’s top 10 for most of 2007 and through the first quarter of 2008, foreclosure activity in Colorado has decreased significantly since then. Despite the large monthly uptick in October, the foreclosure level is virtually unchanged from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state is predicted to see a continued rise in unemployment going into 2009 as its computer and electronic manufacturing sectors feel the effects of the nation’s economic slowdown. Continued job losses, plus a slow housing market, can translate into more foreclosure activity down the road.”

 

Colorado ranked 13th in the country in total properties with foreclosure filings for October.

 

Denver County tops in foreclosure activity for October

Denver County reported 1,034 properties with foreclosure filings for October, the highest county foreclosure total in the state for the month. El Paso County came in second highest, reporting 779 properties with foreclosure filings. Arapahoe County ranked third, reporting 742 properties with foreclosure filings. Adams County came in fourth place, documenting 673 properties with foreclosure filings, with Jefferson County rounding out the state’s top five, reporting 492 properties with foreclosure filings for the month.

 

Weld County post state’s top foreclosure rate in October

With one in every 216 housing units receiving a foreclosure filing — 1.8 times the state average and 2.1 times the national average — Weld County posted the highest foreclosure rate in the state for October. Second highest rate was reported in Adams County, where one in every 236 housing units received a foreclosure filing — 1.7 times the state average and 1.9 times the national average. Third highest rate was documented in Denver County, where one in every 262 housing units received a foreclosure filing during the month — 1.5 times the state average and 1.7 times the national average.

 

State a moderate contributor to nation’s foreclosure total in October

Colorado accounted for 2 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Colorado

51

0

2,982

0

2,341

5,374

390

1.16

n/a

 

 

 

 

 

 

 

 

 

 

Adams

6

0

339

0

328

673

236

1.91

1.65

Alamosa

0

0

3

0

4

7

920

0.49

0.42

Arapahoe

5

0

378

0

359

742

306

1.48

1.28

Archuleta

0

0

6

0

6

12

668

0.68

0.58

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

4

0

76

0

55

135

909

0.50

0.43

Broomfield

0

0

17

0

19

36

533

0.85

0.73

Chaffee

0

0

3

0

2

5

1,925

0.23

0.20

Cheyenne

0

0

0

0

0

0

 n/a

0.00

0.00

Clear Creek

0

0

5

0

3

8

679

0.67

0.57

Conejos

0

0

2

0

1

3

1,423

0.32

0.27

Costilla

0

0

0

0

1

1

2,295

0.20

0.17

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

12

0

7

19

690

0.65

0.56

Denver

3

0

481

0

550

1,034

262

1.72

1.49

Dolores

0

0

0

0

0

0

 n/a

0.00

0.00

Douglas

6

0

173

0

123

302

316

1.43

1.23

Eagle

0

0

10

0

2

12

2,176

0.21

0.18

El Paso

6

0

515

0

258

779

308

1.47

1.27

Elbert

0

0

8

0

10

18

478

0.95

0.82

Fremont

0

0

18

0

10

28

678

0.67

0.57

Garfield

0

0

8

0

0

8

2,580

0.18

0.15

Gilpin

0

0

0

0

0

0

 n/a

0.00

0.00

Grand

1

0

15

0

5

21

662

0.68

0.59

Gunnison

0

0

6

0

7

13

811

0.56

0.48

Hinsdale

0

0

0

0

0

0

 n/a

0.00

0.00

Huerfano

0

0

1

0

1

2

2,498

0.18

0.16

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

7

0

298

0

187

492

460

0.98

0.85

Kiowa

0

0

0

0

0

0

 n/a

0.00

0.00

Kit Carson

0

0

0

0

1

1

3,557

0.13

0.11

La Plata

1

0

34

0

5

40

617

0.73

0.63

Lake

1

0

0

0

0

1

4,293

0.11

0.09

Larimer

3

0

93

0

104

200

626

0.72

0.62

Las Animas

0

0

5

0

4

9

893

0.51

0.44

Lincoln

0

0

1

0

1

2

1,226

0.37

0.32

Logan

0

0

4

0

6

10

874

0.52

0.45

Mesa

0

0

29

0

8

37

1,548

0.29

0.25

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Moffat

0

0

0

0

0

0

 n/a

0.00

0.00

Montezuma

0

0

10

0

0

10

1,110

0.41

0.35

Montrose

0

0

16

0

4

20

837

0.54

0.47

Morgan

0

0

10

0

4

14

795

0.57

0.49

Otero

0

0

4

0

3

7

1,273

0.35

0.31

Ouray

0

0

0

0

0

0

 n/a

0.00

0.00

Park

0

0

0

0

4

4

3,202

0.14

0.12

Phillips

0

0

0

0

1

1

2,059

0.22

0.19

Pitkin

0

0

2

0

0

2

5,524

0.08

0.07

Prowers

0

0

3

0

3

6

1,017

0.44

0.38

Pueblo

3

0

134

0

52

189

349

1.29

1.12

Rio Blanco

0

0

0

0

0

0

 n/a

0.00

0.00

Rio Grande

0

0

3

0

1

4

1,651

0.27

0.24

Routt

0

0

5

0

2

7

1,974

0.23

0.20

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

1

0

0

1

6,008

0.08

0.06

Sedgwick

0

0

0

0

0

0

 n/a

0.00

0.00

Summit

1

0

11

0

4

16

1,743

0.26

0.22

Teller

0

0

17

0

8

25

476

0.95

0.82

Washington

0

0

0

0

0

0

 n/a

0.00

0.00

Weld

4

0

226

0

188

418

216

2.09

1.80

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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