Colorado Holds Highest Rate of Foreclosure in Nation Once Again

Posted in Foreclosure, August 31st, 2006 |

According to news reports and statistics, Colorado had the highest home foreclosure rate in the country in June for the sixth consecutive month. In June, Colorado had 5,928 active foreclosures last month, or one for every 280 occupied home.

The number of foreclosures in Colorado fell by more than 1,000, or 18 percent, from January to June, but it wasnâ€™t enough of a decline to knock the state from the top ranking. Texas, Michigan, Ohio and Georgia had more foreclosures than Colorado, but they had lower foreclosure rates because they have far more houses.

Many in the state have blamed loose lending practices and a surge in real estate and housing development in the past few years for the inflated statewide foreclosure rate. Fraud and predatory lending have also contributed to many people getting involved with loans an d rising interest rates they simply cannot afford. Colorado has been a holdout in regulating the mortgage industry. Only Alaska remains as the lone state to not monitor the mortgage market.