Colorado Foreclosures Up in 2010

Foreclosure filings rise 7 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 54,041 Colorado properties for 2010, up 7 percent from a year ago and 7 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 5,123 Colorado properties in December 2010, a 3 percent increase from November, but still 15 percent below the level reported in December 2009. One in every 420 Colorado housing units received a foreclosure filing during the month.

 

“Colorado reported a jump in foreclosure activity in 2010, with more filings than in either of the two previous years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the recent surge in foreclosures is the state’s high level of unemployment, which is below the national average but still elevated enough to cause concern among financially-struggling homeowners.”

 

One in every 40 Colorado housing units received a foreclosure filing in 2010, the tenth highest state foreclosure rate in the nation for the year.

 

Weld County posts state’s top foreclosure rate in 2010

Weld County posted the highest foreclosure rate in Colorado in 2010, with one in every 21 housing units receiving a foreclosure filing — 2.1 times the national average. Adams County came in second, with one in every 26 housing units receiving a foreclosure filing in 2010 — 1.8 times the national average. The next highest was Garfield County, where one in every 27 housing units received a foreclosure filings during the year — 1.7 times the national average.

 

Arapahoe County led the state in foreclosure activity in 2010

Arapahoe County led Colorado in foreclosure activity, reporting 7,125 properties with foreclosure filings. Next highest was Denver County, where 6,492 properties with foreclosure filings were reported. Adams County was third highest foreclosure total, reporting 6,411 properties with foreclosure filings for the year. El Paso County came in fourth, tallying 6,406 properties with foreclosure filings. Fifth highest total for the year was in Jefferson County, where 5,234 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

Colorado accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Colorado

327

6

32,304

0

21,404

54,041

40

1.13

n/a

 

 

 

 

 

 

 

 

 

 

Weld

61

0

2,398

0

1,943

4,402

21

2.11

1.87

Adams

40

0

3,630

0

2,741

6,411

26

1.76

1.56

Garfield

0

0

573

0

235

808

27

1.66

1.47

Douglas

21

0

2,114

0

1,464

3,599

28

1.59

1.41

Archuleta

0

0

171

0

91

262

32

1.39

1.23

 

 

Colorado Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Colorado

327

6

32,304

0

21,404

54,041

40

6.98

7.23

 

 

 

 

 

 

 

 

 

 

Arapahoe

24

1

4,115

0

2,985

7,125

32

1.63

-12.67

Denver

43

2

3,634

0

2,813

6,492

43

1.95

-26.39

Adams

40

0

3,630

0

2,741

6,411

26

-5.48

-19.60

El Paso

22

2

3,784

0

2,598

6,406

38

3.79

15.44

Jefferson

18

1

3,093

0

2,122

5,234

44

12.05

14.35

 

 

 

Colorado Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Colorado

28

0

3,512

0

1,583

5,123

420

1.19

n/a

 

 

 

 

 

 

 

 

 

 

Adams

2

0

402

0

229

633

259

1.93

1.62

Weld

2

0

235

0

123

360

261

1.92

1.61

Garfield

0

0

64

0

11

75

291

1.72

1.44

Mesa

0

0

121

0

56

177

338

1.48

1.24

Arapahoe

2

0

456

0

224

682

339

1.48

1.24

 

 

Colorado Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Colorado

28

0

3,512

0

1,583

5,123

420

3.08

-14.74

 

 

 

 

 

 

 

 

 

 

Arapahoe

2

0

456

0

224

682

339

13.29

-20.70

Adams

2

0

402

0

229

633

259

10.28

-12.69

Jefferson

5

0

445

0

177

627

365

29.81

15.90

El Paso

5

0

421

0

180

606

406

3.77

-9.28

Denver

11

0

399

0

191

601

461

13.18

-12.77

 

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