Colorado is finally off the top 10 list it never wanted to be on. Colorado ranked as No. 11 in the nation for foreclosures, according to a RealtyTrac report released today.
Colorado had consistently been in the top 10 for most of the past several years.
RealtyTrac reported that one out of every 575 households in the state were in some stage of foreclosure in November, very close to the national average of one out of every 579.
Nevada was No. 1, with one out of every 175 households in some stage of foreclosure, including default notices, scheduled auctions and bank repossessions.
Colorado foreclosures were down 24 percent from November 2010 20.2 percent down from October, both far better than the national average.
“This pretty closely mirrors our November data that we put out last week,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “Both filings and sales fell more than 20 percent year-over-year in our data, and it looks like they have some similar numbers here. Of course, we also analyzed the delinquency report data showing that Colorado was actually eighth-best in the country for delinquencies and foreclosures. Also, LPS Mortgage monitor, in another survey, listed Colorado as sixth-best in the nation for delinquencies and foreclosures. So, Realtytrac’s ranking of Colorado as 11th worst appears to be unique among three separate national surveys.”
Nationally, RealtyTrac tracked foreclosure actions on 224,394 properties in November, a 3 percent drop from October and a 14 percent decrease from November 2010.
“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.
“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auctions.”
Contact John Rebchook at JRCHOOK@gmail.com.