In the first half of the year, Colorado ranked No. 9 as far as its foreclosure rate, according to a national report released today by California-based RealtyTrac.
The report, which tracked all foreclosure activity from the initial filing until the REO (Real Estate Owned) when the home typically is returned to the bank, also showed that Greeley was ranked No. 17 out of 211 metropolitan statistical areas tracked by the company.
For all of Colorado, foreclosure activity dropped by 14.7 percent from the first half of 2010. However, the overall country showed a 29.3 percent year-over-year decline.
In Colorado, one out of every 84 homes were in some stage of foreclosures, compared with a national average of one out every 111. In Greeley, one out of every 49 homes were in some stage of foreclosure. In the Denver MSA, one out of every 52 housing units were in some stage of forclosure. The Denver MSA includes the counties of Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park. Adams County had the highest foreclosure rate in the metro area, with one out of every 52 units in some stage of foreclosure, equating to 1.9 percent of the housing inventory. In Denver, one out of every 98 units were in some stage of foreclosure.
In addition to Greeley, others with foreclosure rates among the top 20 included Boise City-Nampa, Idaho, Atlanta-Sandy Springs-Marietta, Ga., and Salt Lake City.
California, Nevada and Arizona cities accounted for all top 10 metro foreclosure rates and 15 of the top 20 metro foreclosure rates in the first half of the year. Only one Florida metro area posted a foreclosure rate among the top 20 — Cape Coral-Fort Myers at No. 12 — in sharp contrast to the first half of 2010, when Florida cities accounted for nine of the top 20 metro foreclosure rates nationwide.
“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio, chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.
“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”
Top 10 metro foreclosure rates Las Vegas-Paradise continued to post the nation’s highest metro foreclosure rate, with one in every 19 housing units (5.36 percent) receiving a foreclosure filing during the first half of 2011 — nearly six times the national average. A total of 43,944 Las Vegas properties received a foreclosure filing during the six-month period, a decrease of 18 percent from the previous six months and also an 18 percent decrease from the first half of 2010.”
MSA Half-year foreclosure filings % of housing units in some stage of foreclosure 1 out of every household unit in some foreclosure National Rank % Decline from 1st half of 2010
Boulder 761 0.61 164 120 11.0
Colorado Springs 2,986 1.16 87 64 22.5
Denver-Aurora 13,705 1.29 77 42 19
Fort Collins-Loveland 1,136 0.87 115 79 14.4
Greeley 1,925 2.04 52 17 28.25
Colorado 26,744 1.19 84 9 18.24
U.S. 1.17 million 0.90 111 25.5