COLORADO FORECLOSURE ACTIVITY UP 28 PERCENT IN 2008

More than 50,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 50,396 Colorado properties in 2008, an increase of 28 percent from 2007 and a 61 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 2.41 percent of all Colorado housing units received at least one foreclosure filing during the year, up from 1.92 percent in 2007.

 

The Centennial State reported 5,319 properties with foreclosure filings in December, down less than 1 percent from the previous month and 15 percent below the activity level reported for December 2007.

 

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.

 

“Overall, foreclosure activity in Colorado was on the rise during 2008 as its economy worsened,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate rose by almost 2 percent during the year, a trend which is expected to continue throughout 2009. Like in other parts of the country, Colorado is suffering from fewer home sales and home prices on an annual basis, making it much tougher for distressed homeowners to find a way out of foreclosure.”

 

Denver County reports state’s highest foreclosure activity for 2008

Denver County led the state, reporting 8,820 properties with foreclosure filings for the year. Arapahoe County came in second, reporting 8,159 properties with foreclosure filings. Adams County registered the third highest total, reporting 7,974 properties with foreclosure filings. Fourth highest total was documented in El Paso County, reporting 5,549 properties with foreclosure filings. Jefferson County came in fifth, documenting 4,577 properties with foreclosure filings.

 

Adams County posts state’s top foreclosure rate in 2008

With 5.01 percent of its housing units receiving at least one foreclosure filing during the year, Adams County posted the highest county foreclosure rate in the state for 2008. Weld County came in second, with 4.09 percent of its housing units receiving at least one foreclosure filing. Third highest was Arapahoe County, where 3.60 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a significant contributor to nation’s foreclosure total for 2008

Colorado accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Colorado

50,396

2.41

27.90

 

 

 

 

 

1

Adams

7,974

5.01

20.73

22

Alamosa

67

1.04

31.37

3

Arapahoe

8,159

3.60

16.03

18

Archuleta

97

1.21

130.95

58

Baca

0

0.00

n/a

52

Bent

2

0.08

n/a

23

Boulder

1,248

1.02

11.53

11

Broomfield

379

1.97

15.90

36

Chaffee

49

0.51

8.89

58

Cheyenne

0

0.00

n/a

19

Clear Creek

65

1.20

103.13

28

Conejos

31

0.73

1,450.00

41

Costilla

8

0.35

700.00

44

Crowley

5

0.32

150.00

58

Custer

0

0.00

n/a

24

Delta

124

0.95

15.89

4

Denver

8,820

3.25

40.00

29

Dolores

9

0.70

80.00

6

Douglas

2,544

2.67

35.32

37

Eagle

125

0.48

400.00

8

El Paso

5,549

2.32

52.03

9

Elbert

174

2.02

10.83

15

Fremont

305

1.61

26.56

39

Garfield

93

0.45

-4.12

43

Gilpin

11

0.33

120.00

35

Grand

76

0.55

347.06

31

Gunnison

68

0.64

466.67

58

Hinsdale

0

0.00

n/a

53

Huerfano

4

0.08

-20.00

58

Jackson

0

0.00

n/a

10

Jefferson

4,577

2.02

11.80

49

Kiowa

1

0.12

0.00

51

Kit Carson

3

0.08

n/a

33

La Plata

138

0.56

86.49

57

Lake

1

0.02

-83.33

12

Larimer

2,125

1.70

24.71

27

Las Animas

63

0.78

53.66

14

Lincoln

40

1.63

110.53

25

Logan

77

0.88

-4.94

26

Mesa

480

0.84

34.83

58

Mineral

0

0.00

n/a

42

Moffat

20

0.33

1,900.00

30

Montezuma

74

0.67

196.00

21

Montrose

176

1.05

102.30

16

Morgan

159

1.43

8.90

20

Otero

103

1.16

-27.97

34

Ouray

15

0.56

400.00

13

Park

217

1.69

66.92

48

Phillips

4

0.19

0.00

46

Pitkin

27

0.24

170.00

32

Prowers

39

0.64

333.33

5

Pueblo

1,823

2.76

9.75

40

Rio Blanco

11

0.36

22.22

17

Rio Grande

86

1.30

104.76

47

Routt

31

0.22

47.62

56

Saguache

1

0.03

0.00

45

San Juan

2

0.28

100.00

50

San Miguel

6

0.10

n/a

58

Sedgwick

0

0.00

-100.00

38

Summit

128

0.46

357.14

7

Teller

287

2.41

46.43

55

Washington

1

0.04

0.00

2

Weld

3,693

4.09

34.39

54

Yuma

2

0.05

100.00

 

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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