Colorado Foreclosure Activity Up in Third Quarter

 

Total filings increase 7 percent statewide from the second quarter

Defaults, Auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,315 Colorado properties during the third quarter, nearly a 7 percent increase from the previous quarter and up less than 1 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. ForeclosureMarket Report.

 

For September, Colorado reported 6,030 properties with foreclosure filings, a 3 percent increase from the previous month but 3 percent below the level reported for the same month last year. The state ranked 11th in total foreclosures for the month. One in every 357 Colorado housing units received a foreclosure filing in September, ranking it 12th highest state foreclosure rate in the nation.

 

Colorado foreclosures were up for both during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which more than tripled during the quarter. While still below the national average, the state’s unemployment rate did increase slightly during all three months. Home sales were also lower than in most states earlier this year. Taken together these factors are contributing to the higher foreclosure activity statewide.”

 

Colorado ranked 13th in the nation for total foreclosure activity during the third quarter. One in every 132 Colorado housing units received a foreclosure filing during the quarter, giving the state the 12th highest foreclosure rate in the nation.

 

Weld County led state with highest foreclosure rate in third quarter

One in every 64 housing units received a foreclosure filing in Weld County — 2.2 times the national average and 2.1 times the state average — the highest county foreclosure rate in the state during the third quarter of 2010. Garfield County posted the second highest rate, with one in every 76 housing units receiving a foreclosure filing during the period — 1.8 times the national average and 1.7 times the state average. Third highest rate was in Adams County, where one in every 83 housing units received a foreclosure filing — 1.7 times the national average and 1.6 times the state average.

 

State’s top foreclosure total for third quarter posted in Arapahoe County

Arapahoe County dominated the state in total foreclosure activity, reporting 2,198 properties with foreclosure filings for the quarter. Denver County was second, reporting 1,987 properties with foreclosure filings. Adams County was third, tallying 1,971 properties with foreclosure filings. El Paso County was fourth highest, reporting 1,898 properties with foreclosure filings. Jefferson County came in fifth, reporting 1,530 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Colorado. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Colorado

194

0

10,321

0

5,800

16,315

132

1.05

n/a

 

 

 

 

 

 

 

 

 

 

Weld

52

0

785

0

631

1,468

64

2.17

2.06

Garfield

0

0

182

0

106

288

76

1.83

1.74

Adams

30

0

1,195

0

746

1,971

83

1.67

1.58

Douglas

8

0

607

0

392

1,007

101

1.38

1.31

Arapahoe

11

0

1,415

0

772

2,198

105

1.32

1.25

 

 

Colorado Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Colorado

194

0

10,321

0

5,800

16,315

132

6.72

0.31

 

 

 

 

 

 

 

 

 

 

Arapahoe

11

0

1,415

0

772

2,198

105

16.67

-5.71

Denver

9

0

1,246

0

732

1,987

140

10.33

-0.60

Adams

30

0

1,195

0

746

1,971

83

7.76

-15.12

El Paso

7

0

1,182

0

709

1,898

130

2.04

2.32

Jefferson

4

0

978

0

548

1,530

150

-6.71

6.62

 

 

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