COLORADO FORECLOSURES INCREASE 9 PERCENT IN FEBRUARY

State’s Foreclosure Up 29 Percent from a Year Ago; Foreclosure Rate in Top 3

 

IRVINE, Calif. – March 26, 2007 – Colorado documented 5,310 foreclosure filings in February, a 9 percent increase from the previous month, and a 29 percent increase from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 345 households was the nation’s second highest.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 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.

 

Colorado’s foreclosure problem remains largely limited to the more heavily populated counties of Adams, Arapahoe, Denver and Weld,” said James J. Saccacio, chief executive officer of RealtyTrac. “The typical Colorado foreclosure involves a homeowner who took a mortgage with zero percent down or some other risky adjustable rate mortgage loan, or who refinanced the equity out of the home.”

 

Colorado ranked 8th in the country in total foreclosures reported for February, well behind national leader Florida, which led the nation with 19,144 foreclosure filings. Reporting 16,273 foreclosures filings, California was securely in second place, followed by third place Texas with 12,386 foreclosure filings for the month. Michigan took fourth, reporting 9,287 foreclosure filings, while Ohio came in fifth with 7,478 properties in the foreclosure pipeline. Illinois ranked sixth, with 6,622 foreclosure filings, and Georgia rounded out the top seven, with 7,294 foreclosure filings in February. New York and New Jersey completed the nation’s top 10 foreclosure states.

 

Five counties account for majority of state’s foreclosure activity

The combined foreclosure filings of five counties accounted for 70 percent of all foreclosures in Colorado in February. Arapahoe County documented the highest total for the month, reporting 978 foreclosure filings. Adams County tallied the second highest total in the state, 860 foreclosure filings. Reporting 749 foreclosure filings, Denver County had the state’s third highest total. Jefferson County documented 632 foreclosure filings, giving it the fourth highest total in the state. El Paso County rounded out the state’s top five, reporting 509 filings in the foreclosure pipeline.

 

Adams County posts highest foreclosure rate in state

Adams County posted the highest foreclosure rate in the state for February, with one foreclosure filing for every 154 households — 2.2 times the state average and 5.7 times the national average. Pueblo County had the second highest foreclosure rate, with one foreclosure filing for every 171 households — twice the state average and 5.2 times the national average. Weld County had the third highest rate, with one filing for every 200 households — 1.7 times the state average and 4.4 times the national average. Arapahoe County came in a close fourth, reporting one filing for every 201 households. Three counties — Denver, Fremont and Jefferson — tied for fifth, with one foreclosure filing for every 336 households.

 

State accounts for 4 percent of national total

Total foreclosure filings in Colorado accounted for 4 percent of the 130,786 foreclosure filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                      Colorado Foreclosure Market by County – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Colo ado

89

4,262

0

0

959

5,310

345

2.57

n/a

 

 

 

 

 

 

 

 

 

 

Adams

11

746

0

0

103

860

154

5.73

2.24

Alamosa

0

1

0

0

1

2

3,044

0.29

0.11

Arapahoe

16

684

0

0

278

978

201

4.39

1.71

Archuleta

0

2

0

0

0

2

3,106

0.28

0.11

Boulder

0

140

0

0

31

171

701

1.26

0.49

Broomfield

2

25

0

0

13

40

n/a

n/a 

n/a 

Chaffee

0

5

0

0

7

12

699

1.26

0.49

Clear Creek

0

1

0

0

0

1

5,128

0.17

0.07

Conejos

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

11

0

0

5

16

773

1.14

0.45

Denver

16

657

0

0

76

749

336

2.63

1.03

Dolores

0

1

0

0

0

1

1,193

0.74

0.29

Douglas

3

182

0

0

20

205

309

2.86

1.12

Eagle

0

3

0

0

0

3

7,370

0.12

0.05

El Paso

4

430

0

0

75

509

441

2.01

0.78

Elbert

1

13

0

0

2

16

445

1.99

0.78

Fremont

0

46

0

0

5

51

336

2.63

1.03

Garfield

1

9

0

0

0

10

1,734

0.51

0.20

Gilpin

0

0

0

0

0

0

n/a

0.00

0.00

Grand

0

0

0

0

0

0

n/a

0.00

0.00

Gunnison

0

3

0

0

0

3

3,045

0.29

0.11

Huerfano

1

4

0

0

0

5

920

0.96

0.37

Jefferson

8

431

0

0

193

632

336

2.63

1.03

Kit Carson

0

1

0

0

0

1

3,430

0.26

0.10

La Plata

0

8

0

0

0

8

2,596

0.34

0.13

Lake

0

0

0

0

0

0

n/a

0.00

0.00

Larimer

4

170

0

0

26

200

527

1.68

0.65

Las Animas

0

3

0

0

4

7

1,090

0.81

0.32

Logan

0

1

0

0

0

1

8,424

0.10

0.04

Mesa

0

51

0

0

6

57

850

1.04

0.41

Moffat

0

4

0

0

0

4

1,409

0.63

0.24

Montezuma

0

2

0

0

0

2

5,249

0.17

0.07

Montrose

1

7

0

0

1

9

1,578

0.56

0.22

Morgan

0

14

0

0

3

17

612

1.44

0.56

Otero

0

1

0

0

1

2

4,407

0.20

0.08

Park

0

7

0

0

2

9

1,189

0.74

0.29

Phillips

0

0

0

0

1

1

2,014

0.44

0.17

Prowers

0

4

0

0

1

5

1,195

0.74

0.29

Pueblo

9

268

0

0

68

345

171

5.18

2.02

Rio Blanco

0

4

0

0

3

7

408

2.17

0.85

Rio Grande

0

7

0

0

3

10

600

1.47

0.57

Routt

0

3

0

0

2

5

2,243

0.39

0.15

Summit

0

0

0

0

0

0

n/a

0.00

0.00

Teller

0

20

0

0

3

23

451

1.96

0.76

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Weld

12

293

0

0

26

331

200

4.42

1.72

 

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 construction properties, 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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