COLORADO FORECLOSURES INCREASE 60 PERCENT IN AUGUST

Activity 153 Percent Above Year Ago; Foreclosure Rate Tops Nation Again

 

IRVINE, Calif. – August 31, 2006 – Colorado reported 6,079 properties entering some stage of the foreclosure process in August, a spike of 60 percent from the 3,810 properties reported in July, and soaring 153 percent above the 2,406 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report. Once again the state led the nation with the highest foreclosure rate for the month — reporting one new foreclosure filing for every 301 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Like elsewhere around the country Colorado is experiencing the effects of fewer home sales, growing inventories of housing and rising interest rates,” said James J. Saccacio, chief executive officer of RealtyTrac. “Also, the state has an excessive number of homeowners who used non-traditional financing vehicles to purchase their homes like interest only and option loans. Taken together, all these factors could help explain why the state continues to lead the nation in foreclosure rate.”

 

Jefferson County leads state in monthly foreclosure activity

Total activity for three counties accounted for 59 percent of all foreclosures in Colorado during August. Leading the way was Jefferson County, reporting 1,428 properties entering some stage of the foreclosure process for the month. The second highest total was found in Delta County which reported 1,110 properties in some stage of the process, followed by Adams County which reported 1,031 properties in the foreclosure pipeline.

 

Highest foreclosure rate found in Adams County

Adams County posted the state’s highest foreclosure rate for August, reporting one new foreclosure filing for every 129 households — 2.3 times the state average and 7.8 times the national average.  Reporting one new foreclosure filing for every 136 households — 2.2 times the state average and 7.4 times the national average — Weld County had the second highest foreclosure rate in the state. Jefferson County came in third reporting one new foreclosure filing for every 149 households — twice the state average and 6.7 times the national average — followed by Delta County reporting one new foreclosure filing for every 227 households and Arapahoe County reporting one new foreclosure filing for every 283 households.

 

State makes significant contribution to national total

While remaining in the number one slot for foreclosure rate — 3.3 times the national average — Colorado ranked seventh nationally for total foreclosure activity reported in August. That activity accounted for 5 percent of the 115,292 properties entering some stage of foreclosure nationwide during the month. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate also increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Colorado

99

4,243

0

0

1,737

6,079

301

1.93

 

 

 

 

 

 

 

 

 

 

Adams

7

703

0

0

321

1,031

129

7.80

2.34

Alamosa

0

0

0

0

1

1

6,088

0.16

0.05

Arapahoe

9

502

0

0

184

695

283

3.54

1.06

Archuleta

1

0

0

0

2

3

2,071

0.48

0.15

Boulder

3

62

0

0

86

151

794

1.26

0.38

Broomfield

2

17

0

0

2

21

 

 

Chaffee

0

2

0

0

2

4

2,098

0.48

0.14

Clear Creek

0

3

0

0

1

4

1,282

0.78

0.23

Crowley

0

6

0

0

1

7

1,768

0.57

0.17

Delta

13

885

0

0

212

1,110

227

4.43

1.33

Denver

0

0

0

0

0

0

0.00

0.00

Dolores

5

152

0

0

24

181

350

2.87

0.86

Douglas

0

1

0

0

0

1

22,111

0.05

0.01

Eagle

7

353

0

0

61

421

533

1.88

0.56

El Paso

0

14

0

0

5

19

374

2.68

0.80

Elbert

1

33

0

0

17

51

336

2.98

0.90

Fremont

0

4

0

0

0

4

4,334

0.23

0.07

Garfield

0

3

0

0

1

4

732

1.37

0.41

Grand

0

0

0

0

0

0

0.00

0.00

Gunnison

0

1

0

0

1

2

4,568

0.22

0.07

Hinsdale

0

1

0

0

0

1

4,599

0.22

0.07

Jefferson

27

916

0

0

485

1,428

149

6.74

2.02

Kit Carson

0

1

0

0

0

1

20,765

0.05

0.01

La Plata

0

0

0

0

0

0

0.00

0.00

Lake

7

118

0

0

43

168

627

1.60

0.48

Larimer

0

1

0

0

0

1

7,629

0.13

0.04

Las Animas

0

0

0

0

1

1

2,406

0.42

0.13

Logan

0

3

0

0

5

8

1,053

0.95

0.29

Mesa

0

23

0

0

3

26

1,863

0.54

0.16

Montezuma

0

1

0

0

0

1

5,635

0.18

0.05

Montrose

0

0

0

0

0

0

0.00

0.00

Morgan

0

7

0

0

0

7

2,029

0.49

0.15

Otero

1

7

0

0

1

9

1,157

0.87

0.26

Ouray

0

2

0

0

13

15

588

1.71

0.51

Park

0

0

0

0

1

1

2,146

0.47

0.14

Pueblo

0

9

0

0

4

13

823

1.22

0.37

Rio Grande

1

0

0

0

0

1

5,977

0.17

0.05

Routt

10

168

0

0

19

197

299

3.35

1.01

San Miguel

0

1

0

0

0

1

6,003

0.17

0.05

Summit

0

0

0

0

1

1

24,201

0.04

0.01

Teller

0

0

0

0

1

1

10,362

0.10

0.03

Washington

0

0

0

0

0

0

0.00

0.00

Weld

5

244

0

0

239

488

136

7.39

2.22

 

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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