Colorado Foreclosures Head Back Upward in August

Colorado foreclosure activity rose in August to 6,472 properties with foreclosure filings for the month, an 18 percent increase from the previous month and 40 percent above the level reported in June 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 329 Colorado housing units received a foreclosure filing in August, making it the eighth highest foreclosure rate in the nation.

 

“After a decrease in July, Colorado foreclosures are on the rise again,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest jump was in default notices, which were 15 times higher during the month of August. While the state’s unemployment rate is holding below the national average, its home sales have not shown the improvement in recent months we’ve seen in many other states. This is likely giving distressed homeowners fewer options.”

 

Colorado ranked 11th in the country in total foreclosures for the month.

 

Weld County posts state’s top foreclosure rate in August

With one in every 171 housing units receiving a foreclosure filing — 2.1 times the national average and 1.9 the state average — Weld County posted the highest county foreclosure rate in the state for August. Adams County had the second highest rate, with one in every 203 housing units receiving a foreclosure filing during the month — 1.8 times the national average and 1.6 times the state average. Third highest rate was documented in Larimer County, where one in every 234 housing units received a foreclosure filing — 1.5 times the national average and 1.4 times the state average.

 

Five counties accounted for bulk of state’s foreclosure activity for August

Five counties accounted for 61 percent of all foreclosure activity in the state for August. Arapahoe County led the way, tallying 928 properties with foreclosure filings for the month. Denver County reported the second highest foreclosure total, documenting 891 properties with foreclosure filings. Reporting 800 properties with foreclosure filings for the month, Adams County posted the third highest total in the state. El Paso County was fourth highest, reporting 727 properties with foreclosure filings, while the fifth highest total was in Jefferson County, where 626 properties with foreclosure filings were reported for the month.

 

State significant contributor to nation’s foreclosure activity in August

Colorado accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Colorado

76

0

4,422

0

1,974

6,472

329

1.09

n/a

 

 

 

 

 

 

 

 

 

 

Weld

36

0

321

0

183

540

171

2.08

1.92

Adams

0

0

513

0

287

800

203

1.76

1.62

Larimer

7

0

418

0

119

544

234

1.52

1.40

Arapahoe

6

0

553

0

369

928

246

1.45

1.34

Rio Grande

0

0

18

0

8

26

255

1.40

1.29

 

 

Colorado Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Colorado

76

0

4,422

0

1,974

6,472

329

17.93

39.69

 

 

 

 

 

 

 

 

 

 

Arapahoe

6

0

553

0

369

928

246

23.24

26.95

Denver

2

0

582

0

307

891

308

28.20

40.54

Adams

0

0

513

0

287

800

203

8.25

5.26

El Paso

10

0

453

0

264

727

335

0.00

30.76

Jefferson

4

0

430

0

192

626

364

33.76

50.12

 

 

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