Colorado Foreclosures Decline in November

Filings down 13 percent from October; rate ranks 10th nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,970 Colorado properties in November, down 13 percent from the previous month and a 4 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Colorado posted a marked decline in foreclosure activity for November and a slight decrease from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest contributor to this downward movement was in the number of bank-owned properties, which fell 29 percent for the month. The state’s unemployment rate continues to remain below the national average and home prices did not fall as far as most states during the past year. These are important contributing factors to the recent decline in overall foreclosure activity.”

Colorado ranked 12th in the nation in total foreclosures for the month. Its foreclosure rate of one in every 433 housing units receiving a foreclosure filing during the month ranked 10th in the nation.

Weld County posts state’s top foreclosure rate in November

One in every 188 housing units received a foreclosure filing in Weld County in November — 2.6 times the national average and 2.3 times the state average. Teller County reported the second highest foreclosure rate in the state with one in every 230 housing units receiving a foreclosure filing for the month — 2.1 times the national average and 1.9 times the state average. Archuleta County came in third, with one in every 265 housing units receiving a foreclosure filing — 1.9 times the national average and 1.6 times the state average.

 

Arapahoe County led state foreclosure activity for November

Foreclosure activity was heaviest in Arapahoe County, which reported 602 properties with foreclosure filings for the month. El Paso County tallied the second highest foreclosure level, reporting 584 properties with foreclosure filings. Third highest total was in Adams County, where 574 properties with foreclosure filings were reported. Fourth highest was Denver County, where 531 properties with foreclosure filings were reported. Weld County filled out the top five for the month, reporting 499 properties with foreclosure filings.

 

State a noteworthy contributor to nation’s foreclosure total

Colorado accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Colorado

13

0

3,409

0

1,548

4,970

433

1.14

n/a

 

 

 

 

 

 

 

 

 

 

Weld

3

0

345

0

151

499

188

2.61

2.30

Teller

0

0

35

0

18

53

230

2.14

1.89

Archuleta

0

0

27

0

5

32

265

1.85

1.63

Adams

3

0

365

0

206

574

286

1.72

1.51

Gilpin

0

0

8

0

4

12

289

1.71

1.50

 

 

Colorado Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Colorado

13

0

3,409

0

1,548

4,970

433

-13.58

-4.50

 

 

 

 

 

 

 

 

 

 

Arapahoe

1

0

381

0

220

602

384

-29.43

-19.73

El Paso

0

0

433

0

151

584

422

-19.78

-11.52

Adams

3

0

365

0

206

574

286

-20.17

-9.75

Denver

1

0

347

0

183

531

522

-26.56

-16.64

Weld

3

0

345

0

151

499

188

8.71

21.41

 

 

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