Foreclosure Rising: Colorado Off Colour!

Posted in Foreclosure, September 3rd, 2007 |

The figures released by Colorado Housing during the second quarter speak volumes. There have been 10,017 new filings – which makes it 6% up from the first quarter. Colorado is thus showing a 25% rise in this year. There is apprehension that before the year dies out the numbers will further increase with many ARM’s waiting in line to join the ranks. It will not be easy to sell properties. This is one of the main factors for the increase in numbers.

Most of the trouble spots are concentrated in Adams and Denver Counties. In the former the last six months has seen a 19% rise and in Denver 10%. In other counties there had hardly been any appreciable change in foreclosure figures. In the Front Range Counties the number of auction sales rose. Auctions are held for selling off the property 45/60 days after the initial foreclosure filing. The grace period of allowing the borrower to make one last attempt to clear dues is then finally closed.

In Arapahoe County during the second quarter foreclosure numbers saw a decrease of 6% but an increase of 13% in sales from the first quarter. In Pueblo County the trend was similar with listings going down by 5% but sales numbers going up by 13%. Activity is acute on the Front Range stretching from Larimer to Pueblo County. Adams County topped the list with one filing for 45 units. In Denver and Weld Counties the ratio is 1:60 and 1:62 respectively. Boulder County ranked last in the Denver metro region with 1:264.

The highest is in Pueblo County (excluding Denver and Weld) with 1:48. In Garfield County the number is at a comfortable 1:506 making it tops in the least number of delinquencies. La Plata recorded 1:479. The national figure is 1:181.

The new statistics contradicts those released by a pioneer California based online tracking group which had showed up high Colorado numbers. The Colorado Division of Housing continues to criticize the release of misguiding numbers that have been painting Colorado red.

Since then the online tracking group has released numbers which has made Colorado slip to the 5th position in the nation as regards number of foreclosures per household But all said and done during 2006 and the first part of 2007 according to month by month rating Colorado ranks first in the nation as regards number of foreclosures .