COLORADO FORECLOSURES DECREASE 26 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity 25 Percent Above a Year Ago; Foreclosure Rate Tops Nation Again

 

IRVINE, Calif. – Oct. 11, 2006 – Colorado reported 4,485 properties entering some stage of the foreclosure process in September, a decrease of 26 percent from the 6,079 properties reported in August, but still a 25 percent increase above the 3,602 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.  

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Colorado’s foreclosure rates are at their highest level in a decade,” said James J. Saccacio, chief executive officer of RealtyTrac. “Colorado has an excessive number of homeowners who used non-traditional forms of financing to purchase their homes such as interest-only and option loans. The excessive use of these loans helps explain why the state continues to lead the nation in terms of foreclosure rate.”

 

Four counties account for majority of state’s foreclosure activity

Four counties accounted for 58 percent of all foreclosures in Colorado during September. Leading the way was Adams County, reporting 748 properties entering some stage of the foreclosure process for the month. Arapahoe County had the second highest total, reporting 705 properties entering some stage of foreclosure. Third highest was Jefferson County, reporting 583 properties in foreclosure, followed closely by Denver County reporting 553 properties in the foreclosure pipeline.

 

Three counties post state’s highest foreclosure rate

Three counties in Colorado posted the state’s top foreclosure rates for September. Weld County led the state, reporting one new foreclosure filing for every 168 households — 2.4 times the state average and 6.1 times the national average.  Next highest was Adams County, reporting one new foreclosure filing for every 177 households — 2.3 times the state average and 5.8 times the national average. Reporting one new foreclosure filing for every 239 households — 1.7 times the state average and 4.3 times the national average — Douglas County ranked third highest rate for the month.

 

State still national foreclosure rate leader

For the seventh month in a row, Colorado led the nation posting the highest foreclosure rate, reporting one new foreclosure filing for every 408 households — 2.5 times the national average. Colorado’s foreclosure activity accounted for 4 percent of the 112,210 properties entering some stage of foreclosure nationwide during the month. The national foreclosure rate decreased to one new foreclosure filing for every 1,030 households.  

 

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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                       Colorado Foreclosure Market by County – September 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

 

112,210

1,030

Colorado

75

3,228

0

0

1,182

6,079

408

2.53

 

 

 

 

 

 

 

 

 

 

Adams

6

461

0

0

281

748

177

5.81

2.30

Alamosa

0

0

0

0

1

1

6,088

0.17

0.07

Arapahoe

17

549

0

0

139

705

279

3.69

1.46

Archuleta

0

0

0

0

0

0

0.00

0.00

Boulder

2

57

0

0

41

100

1,199

0.86

0.34

Broomfield

1

15

0

0

4

20

Chaffee

1

1

0

0

1

3

2,797

0.37

0.15

Clear Creek

1

9

0

0

1

11

466

2.21

0.88

Delta

0

6

0

0

1

7

1,768

0.58

0.23

Denver

5

464

0

0

84

553

455

2.27

0.90

Dolores

0

0

0

0

0

0

0.00

0.00

Douglas

9

221

0

0

35

265

239

4.31

1.71

Eagle

0

2

0

0

1

3

7,370

0.14

0.06

El Paso

12

371

0

0

53

436

515

2.00

0.79

Elbert

1

7

0

0

10

18

395

2.61

1.03

Fremont

0

11

0

0

3

14

1,225

0.84

0.33

Garfield

0

9

0

0

3

12

1,445

0.71

0.28

Gilpin

0

3

0

0

1

4

732

1.41

0.56

Grand

0

1

0

0

0

1

10,894

0.09

0.04

Gunnison

0

1

0

0

0

1

9,135

0.11

0.04

Jefferson

6

363

0

0

214

583

364

2.83

1.12

La Plata

0

0

0

0

0

0

0.00

0.00

Lake

0

1

0

0

1

2

1,957

0.53

0.21

Larimer

5

141

0

0

107

253

417

2.47

0.98

Las Animas

0

1

0

0

0

1

7,629

0.14

0.05

Logan

0

1

0

0

0

1

8,424

0.12

0.05

Mesa

0

8

0

0

5

13

3,725

0.28

0.11

Montezuma

0

0

0

0

0

0

0.00

0.00

Montrose

0

18

0

0

2

20

710

1.45

0.57

Morgan

0

24

0

0

14

38

274

3.76

1.49

Otero

0

0

0

0

5

5

1,763

0.58

0.23

Park

0

12

0

0

6

18

594

1.73

0.69

Pitkin

0

1

0

0

1

2

5,048

0.20

0.08

Pueblo

4

192

0

0

32

228

258

3.99

1.58

Rio Grande

0

1

0

0

0

1

6,003

0.17

0.07

Routt

1

2

0

0

0

3

3,739

0.28

0.11

San Miguel

0

0

0

0

0

0

0.00

0.00

Summit

0

0

0

0

0

0

0

0.00

0.00

Teller

0

11

0

0

11

22

471

2.19

0.87

Weld

4

264

0

0

125

393

168

6.12

2.42

 

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 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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