Colorado Foreclosure Activity Decreases in October

Filings down 5 percent from September; rate ranks 10th in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,751 Colorado properties in October, a 5 percent decrease from the previous month, but still up 14 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell slightly in Colorado during October, although it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Colorado’s economy has remained relatively flat over the past few months as recovery slowly starts to take shape. In the meantime, unemployment remains high, hovering just above 8 percent, adding to the state’s foreclosure issues.”

 

One in every 374 Colorado housing units received a foreclosure filing in October, the 10th highest state foreclosure rate in the nation.

 

Weld County posts state’s top foreclosure rate for October

One in every 205 housing units received a foreclosure filing in Weld County during October — 1.9 times the national average and 1.8 times the state average, the highest county foreclosure rate in the state for the month. Garfield County registered the second highest rate, with one in every 216 housing units receiving a foreclosure filing during the month — 1.8 times the national average and 1.7 times the state average. Adams County was third highest, with one in every 228 housing units receiving a foreclosure filing — 1.7 times the national average and 1.6 times the state average.

 

Arapahoe County led the state in foreclosure activity during October

Arapahoe County had the top foreclosure total of all Colorado counties, reporting 853 properties with foreclosure filings for the month. El Paso County tallied the second highest foreclosure level, reporting 728 properties with foreclosure filings. Third highest total was in Denver County, where 723 properties with foreclosure filings were reported. Fourth highest was Adams County, where 719 properties with foreclosure filings were reported. Jefferson County was fifth, tallying 460 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Colorado accounted for 2 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Colorado

15

0

3,545

0

2,191

5,751

374

1.04

n/a

 

 

 

 

 

 

 

 

 

 

Weld

1

0

302

0

156

459

205

1.90

1.83

Garfield

0

0

70

0

31

101

216

1.80

1.73

Adams

0

0

414

0

305

719

228

1.70

1.64

Arapahoe

2

0

507

0

344

853

271

1.43

1.38

Delta

0

0

34

0

12

46

289

1.35

1.30

 

 

Colorado Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Colorado

15

0

3,545

0

2,191

5,751

374

-4.63

13.95

 

 

 

 

 

 

 

 

 

 

Arapahoe

2

0

507

0

344

853

271

19.64

42.88

El Paso

2

0

422

0

304

728

338

7.22

14.65

Denver

4

0

431

0

288

723

383

-7.43

25.09

Adams

0

0

414

0

305

719

228

-9.79

11.13

Jefferson

0

0

271

0

189

460

497

-30.41

-17.86

 

 

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