Colorado had the 10th highest foreclosure rate in the nation in October, according to a RealtyTrac report released on Thursday.
The report showed that one out of every 458 households was in in some state of foreclosure last month. By contrast, the foreclosure rate for the nation was one out of every 563 households.
In Colorado, foreclosure activity in October fell by 17.8 percent from October 2010 and by 2.6 from September. That trails the 30.6 percent drop on a year-over-year basis and a 7.4 percent month-to-month drop for the entire country.
“This report appears to be quite similar to reports from recent months,” said Ryan McMaken, spokesman for the Colorado Division of Housing, who plans to release his October report for metropolitan counties in Colorado in a week or so. Although McMaken uses a different methodology than RealtyTrac, he said its “overall monthly totals appear to be pretty similar to our own monthly counts for auction sales and for new filings,” McMaken said.
Nationally, the “October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”
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