Colorado remained on a top 10 list it would rather avoid – it ranked 9th in the country for foreclosures in August, according to a RealtyTrac report released today.
Year-over-year, Colorado showed a 15.7 percent decline in foreclosure activity from August 2010. However, that is less than half the 32.7 decline for the overall nation. On a month-to-month basis, Colorado’s foreclosure activity jumped by 51.4 percent from July, far exceeding the 7.25 percent increase for the entire country.
A separate report released by the Colorado Division of Housing showed a much larger year-over-year drop of 31 percent. The difference is largely how the totals are calculated. RealtyTrac combines every aspect of the foreclosure process, while the housing division breaks separately breaks out the filings and the sales at public trustee auctions.
U.S. snapshot
Nationally, there were 228,098 properties in some stage of foreclosures – including default notices, scheduled auctions and bank repossessions – RealtyTrac reported. The 4,933 filings in Colorado accounted for 2.17 percent of the U.S. total, consistent with past months.
The 33 percent increase across-the-country increase in default notices from July was the largest month-over-month gain since August 2007. Default notices, however, were down 18 percent from August 2010 and were 44 percent below the monthly peak of 142,064 in April 2009.
“The big increase in new foreclosure actions may be a signal that lenders are starting to pushthrough some of the foreclosures delayed by robo-signing and other documentation problems,” said James Saccacio, chief executive officer of RealtyTrac. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”
Nevada posted the nation’s highest state foreclosure rate for the 56th straight month in August, with one in every 118 housing units with a foreclosure filing during the month. increased 31 percent from July, but were still down 32 percent from August 2010.
Area 1 our of every household in some foreclosure stage RealtyTrac ranking Change from July Change from August 2010
Boulder 771 103 62.0% -9.5%
Colorado Springs 402 43 93.1% -8.5%
Denver-Aurora 416 49 53.3% -21.7%
Denver County 525 N/A 72.7% -20.4%
Fort Collins-Loveland 62 50.3% -0.7%
Greeley 324 31 6.6% -40.0%
Pueblo 347 N/A 47.4% 18.8%
Colorado 439 9 51.4% -15.7%
U.S. 570 7.25 -32.7%
Contact John Rebchook at JRCHOOK@gmail.com
“Year-over-year, Colorado showed a 15.7 percent decline in foreclosure activity from August 2010.”
An INCREASE would actually be beneficial as it would show that “we” are clearing the decks.