Colorado Foreclosure Activity Down in First Quarter

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,847 Colorado properties during the first quarter of 2011, down 12 percent from the fourth quarter of 2010 and 14 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the ninth highest foreclosure rate in the nation, with one in every 157 Colorado housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 4,791 Colorado properties in March, a 14 percent increase from February but down 23 percent from March 2010. One in every 452 Colorado housing units received a foreclosure filing in March, the 10th highest state foreclosure rate in the nation.

 

California led the country in quarterly foreclosure totals, with 168,543 properties with a foreclosure filing, followed by Florida, which reported 58,322 properties with foreclosure filings. Third highest total for the quarter was tallied in Arizona, where 46,047 properties with foreclosure filings were reported. Georgia narrowly beat out Michigan for fourth highest total, reporting 37,509 properties with foreclosure filings compared with 37,506 properties with foreclosure filings reported in Michigan for the period.

 

The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included Texas (34,646), Illinois (33,092), Nevada (32,066) and Ohio (24,697). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Garfield County reports state’s top foreclosure rate in the first quarter

One in every 86 housing units in Garfield County received a foreclosure filing during the first quarter of 2011 — 2.2 times the national average and 1.8 times the state average.  Mesa County had the second highest rate, with one in every 90 housing units receiving a foreclosure filing — 2.1 times the national average and 1.8 times the state average. One in every 93 housing units in Adams County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 2.1 times the national average and 1.7 times the state average.

 

Adams County led the state in foreclosure activity for first quarter

Adams County led all counties in total foreclosure activity, reporting 1,753 properties with foreclosure filings during the quarter. Arapahoe County was a close second, reporting 1,733 properties with foreclosure filings. Third highest total was tallied in El Paso County, where 1,572 properties with foreclosure filings were reported. Reporting 1,487 properties with foreclosure filings for the quarter, Denver County registered the fourth highest total in the state. Fifth highest was Jefferson County, where 1,314 properties with foreclosure filings were reported for the quarter.

 

 

State a large contributor to nation’s foreclosure total in first quarter

Colorado accounted for 2 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Colorado

52

0

8,086

0

5,709

13,847

157

1.22

n/a

 

 

 

 

 

 

 

 

 

 

Garfield

1

0

207

0

52

260

86

2.23

1.83

Mesa

0

0

432

0

241

673

90

2.13

1.75

Adams

2

0

963

0

788

1,753

93

2.05

1.68

Weld

1

0

517

0

453

971

97

1.96

1.61

Delta

2

0

78

0

49

129

104

1.84

1.51

 

 

 

 

 

 

 

 

 

 

Colorado Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Colorado

52

0

8,086

0

5,709

13,847

157

-11.91

-13.58

 

 

 

 

 

 

 

 

 

 

Adams

2

0

963

0

788

1,753

93

-8.32

-12.31

Arapahoe

12

0

952

0

769

1,733

135

-18.33

-21.97

El Paso

1

0

919

0

652

1,572

158

-17.31

-19.09

Denver

6

0

826

0

655

1,487

188

-19.32

-27.53

Jefferson

9

0

788

0

517

1,314

174

-15.34

-8.88

 

 

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