COLORADO FORECLOSURES INCREASE 25 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity 118 Percent Above a Year Ago; Foreclosure Rate Tops Nation Again

 

IRVINE, Calif. – Nov. 10, 2006 – Colorado reported 5,592 properties entering some stage of the foreclosure process in October, a 25 percent increase from the 4,485 properties reported in September, and a 118 percent increase above the 2,568 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.  

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Colorado has the nation’s highest foreclosure rate,” 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. These include interest-only and option adjustable-rate 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 66 percent of all foreclosures in Colorado during October. Leading the way was Arapahoe County, reporting 1,224 properties entering some stage of the foreclosure process for the month. Adams County had the second highest total, reporting 1,044 properties entering some stage of foreclosure. Third highest was Jefferson County, reporting 777 properties in foreclosure, followed closely by Denver County, which reported 695 properties in the foreclosure pipeline.

 

Adams, Arapahoe and Weld document highest foreclosure rates

Adams County led the state in terms of foreclosure rate, reporting one new foreclosure filing for every 127 households — 2.6 times the state average and 7.9 times the national average. Next highest was Arapahoe County, reporting one new foreclosure filing for every 161 households — two times the state average and 6.2 times the national average. Reporting one new foreclosure filing for every 175 households — 1.9 times the state average and 5.7 times the national average — Weld County documented the state’s third highest rate for the month.

 

State still national foreclosure rate leader

For the eighth month in a row, Colorado posted the nation’s highest foreclosure rate, one new foreclosure filing for every 327 households. Colorado’s foreclosure activity accounted for close to 5 percent of the 115,568 properties entering some stage of foreclosure nationwide during the month. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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 – October 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

Colorado

80

3,941

0

0

1,571

5,592

327

3.05

 

 

 

 

 

 

 

 

 

 

Adams

12

602

0

0

430

1,044

127

7.88

2.58

Alamosa

0

0

0

0

0

0

0.00

0.00

Arapahoe

17

852

0

0

355

1,224

161

6.22

2.04

Archuleta

0

0

0

0

0

0

0.00

0.00

Boulder

0

202

0

0

83

285

421

2.38

0.78

Broomfield

0

11

0

0

6

17

Chaffee

0

1

0

0

1

2

4,196

0.24

0.08

Clear Creek

0

4

0

0

1

5

1,026

0.98

0.32

Custer

0

0

0

0

0

0

0.000

0.00

Delta

0

4

0

0

4

8

1,547

0.65

0.21

Denver

23

494

0

0

178

695

362

2.77

0.90

Douglas

2

178

0

0

24

204

310

3.22

1.05

Eagle

0

0

0

0

0

0

0.00

0.00

El Paso

10

367

0

0

64

441

509

1.97

0.64

Elbert

0

12

0

0

7

19

374

2.67

0.87

Fremont

0

14

0

0

3

17

1,009

0.99

0.32

Garfield

0

4

0

0

2

6

2,889

0.35

0.11

Gilpin

0

2

0

0

0

2

1,465

0.68

0.22

Grand

0

0

0

0

0

0

0.00

0.00

Huerfano

0

0

0

0

0

0

0.00

0.00

Jefferson

4

554

0

0

219

777

273

3.66

1.20

Kit Carson

0

0

0

0

0

0

0.00

0.00

La Plata

0

4

0

0

1

5

4,153

0.24

0.08

Lake

0

2

0

0

0

2

1,957

0.51

0.17

Larimer

3

138

0

0

72

213

495

2.02

0.66

Las Animas

1

0

0

0

2

3

2,543

0.39

0.13

Logan

0

1

0

0

0

1

8,424

0.12

0.04

Mesa

0

28

0

0

6

34

1,424

0.70

0.23

Moffat

0

1

0

0

0

1

5,635

0.18

0.06

Montezuma

0

0

0

0

0

0

0.00

0.00

Montrose

0

5

0

0

1

6

2,367

0.43

0.14

Morgan

0

11

0

0

7

18

578

1.73

0.57

Otero

1

1

0

0

3

5

1,763

0.57

0.19

Park

0

9

0

0

4

13

823

1.22

0.40

Pitkin

0

1

0

0

0

1

10,096

0.09

0.03

Pueblo

1

116

0

0

21

138

427

2.343

0.77

Rio Grande

0

3

0

0

2

5

1,201

0.83

0.27

Routt

0

3

0

0

0

3

3,739

0.27

0.09

Sedgwick

0

0

0

0

0

0

0.00

0.00

Summit

0

2

0

0

0

2

12,101

0.08

0.03

Teller

0

12

0

0

5

17

610

1.64

0.54

Washington

0

0

0

0

0

0

0.00

0.00

Weld

6

302

0

0

70

378

175

5.71

1.87

Yuma

0

1

0

0

0

1

4,295

0.23

0.08

 

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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