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.

National snapshot

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

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The division appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, National Association, Kansas City, Missouri, to assume all of the deposits of Bank of Choice. In 2010, The Tribune in Greeley reported that the bank was in trouble because it had made too many real estate loans.

The 17 branches of Bank of Choice will reopen during their normal business hours beginning Saturday as branches of Bank Midwest, N.A. Depositors of Bank of Choice will automatically become depositors of Bank Midwest, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Bank of Choice should continue to use their existing branch until they receive notice from Bank Midwest, N.A. that it has completed systems changes to allow other Bank Midwest, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Bank of Choice can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, Bank of Choice had approximately $1.07 billion in total assets and $924.9 million in total deposits. In addition to assuming all of the deposits, Bank Midwest, N.A. agreed to purchase approximately $853.0 million of the failed bank’s assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-887-7340. The phone number will be operational this evening until 9:00 p.m., Mountain Daylight Time (MDT); on Saturday from 9:00 a.m. to 6:00 p.m., MDT; on Sunday from noon to 6:00 p.m., MDT; and thereafter from 8:00 a.m. to 8:00 p.m., MDT. Interested parties also can visit the FDIC’s Web site at this link.

As part of this transaction, the FDIC will acquire a value appreciation instrument. This instrument serves as additional consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $213.6 million. Compared to other alternatives, Bank Midwest, N.A.’s acquisition was the least costly resolution for the FDIC’s DIF. Bank of Choice is the 58th FDIC-insured institution to fail in the nation this year, and the fifth in Colorado. The last FDIC-insured institution closed in the state was Signature Bank, Windsor, on July 8.

Contact John Rebchook at JRCHOOK@gmail.com

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The U.S. Department of Housing and Urban Development announced today it is awarding $9.4 million in housing assistance to senior citizens and the disabled in Colorado. The funding will provide interest-free capital advances to non-profit developers so they can produce accessible housing, offer rental assistance, and provide supportive services for the elderly and persons with disabilities.

It is part of the $550 million in grants through HUD’s Section 202 and Section 811 Supporting Housing programs that will fund 169 projects in 46 states.

Longmont gets lion’s share

In Colorado, the Longmont Housing Development Corp. is getting $6.8 million to construct 50 one-bedroom units and for 49 low-income residents. In addition, a three-year rental subsidy of $539,400 was awarded. The housing site is adjacent to an existing 202 housing project and a Community Senior Center. The project will have a bus system, in addition to a public bus stop to help transport the residents to the Senior Center, medical facilities, shopping and restaurants.

In Greeley, $1.93 million was awarded to Accessible Space Inc. to build 14 one-bedroom units and two two-bedroom units for low-income, physically disabled residents. It also received a three-year rent subsidy for $176,100.

“The Obama Administration is committed to making sure our senior citizens and persons with disabilities have opportunities to live in decent, affordable homes,” said HUD Secretary Shaun Donovan. “Neither of these groups should ever have to worry about being able to find a safe place to live.”

To be eligible for the assistance, a household must be classified as “very low- income,” which means an income less than 50 percent of the area median. Nationally, based on 50 percent of the national median family income with an applicable adjustment for household size, a one-person household would need to have an income equal to or less than $22,400 a year.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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One out of every 36 households in the Denver area received some kind of foreclosure notice last year, according to RealtyTrac’s Year-End 2009 Metropolitan Foreclosure Market Report released today. That compares to one out of 45 households nationally.

While foreclosures across the U.S. were up 21.2 percent from, they were down about 12 percent in the Denver area, according to RealyTrac.

The Greeley area was ranked No. 29, with one out of 24 households receiving a foreclosure notice, up 6.5 percent from 2008. Colorado Springs was No. 50, with one of 39 households in foreclosure, an 11 percent increase from 2008. Fort Collins-Loveland was No. 70, with one out of 50 households in foreclosure, 19.7% higher than in 2008, and Boulder was ranked 115th, with one out 77 households in foreclosure, a 28 percent jump  from 2008.

Ryan McMaken, of the Colorado Division of Housing, who plans to release his own statewide-foreclosure report next Thursday, today said the RealtyTrac numbers seem to capture what is happening in Colorado. However, he said because of RealtyTrac’s methodology of combining all foreclosure actions and treating them as one number, its data will differ for his. McMaken tracks  initial filings and public trustee sales, separately, for example, while RealtyTrac combines them, along with REOs, which are homes taken back by banks.

“In much of  Colorado – especially in the Denver area – foreclosure activity peaked a couple of years ago, while now other parts of the country foreclosure rates are growing,” McMaken said. “The general trend of their report seems accurate. Of course, our reports will differ as far as actual numbers.”

Nationwide, the report shows that cities in four Sun Belt states accounted for all top 20 foreclosure rates in 2009 among metro areas with a population of 200,000 or more, but foreclosure activity showed signs of spreading into previously insulated areas asunemployment became more of a driving factor.

California accounted for nine of the top 20 metro foreclosure rates, followed by Florida with eight, Nevada with two and Arizona with one. The highest-ranked metro area outside of those four states was in Boise City-Nampa, Idaho, which ranked No. 24 with 4.66 percent of its housing units receiving at least one foreclosure notice in 2009.

“While it was expected that cities from states with the highest levels of foreclosure activity would top the charts, there is evidence that we’re entering a new wave of foreclosures, driven more by unemployment and economic hardship than what we’ve seen over the past few years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Areas like Provo, Utah,Fayetteville, Ark., Portland, Ore., and Rockford, Ill., all posted foreclosure rates above the U.S. average in 2009. And markets like Honolulu, Minneapolis and Seattle saw foreclosure activity increase at more than twice the national pace over the past 12 months — although all three of those markets still had 2009 foreclosure rates that were at or below the U.S. average.”

Las Vegas posted the nation’s highest metro foreclosure rate for the year, with more than 12 percent of its housing units receiving a foreclosure notice in 2009 — more than five times the national average. Las Vegas reported a quarter-over-quarter decline in foreclosure activity in the fourth quarter — as did all the other metro areas with foreclosure rates ranking among the top 10 for 2009.

With 11.87 percent of its housing units receiving a foreclosure notice in 2009, Cape Coral-Fort Myers, Fla., documented the second highest metro foreclosure rate. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 7 (8.17 percent), Port St. Lucie at No. 9 (7.58percent), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (7.16 percent).Merced, Calif., registered the nation’s third highest metro foreclosure rate, with more than 10 percent of its housing units receiving a foreclosure notice in 2009. Other California cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4 (8.80 percent), Stockton at No. 5 (8.62 percent), and Modesto at No. 6 (8.53 percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s eighth highest metro foreclosure rate in 2009, with more than 8 percent of its housing units receiving a foreclosure notice during the year.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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Although the foreclosures last year were the second highest on record – topped only by the 27,122 filings in 2007 in the seven-county area – there were signs of encouragement, as well as a sea change in where the foreclosure activity is gaining speed.

Denver County, for example, which a few years ago was ground-zero for foreclosure activity, showed a slight increase in filings in 2009 from 2008. Foreclosures also fell in 2008 from 2007 in Denver County, when it peaked with 8,240 for filings. Denver was the only county to show a decrease in foreclosures in the fourth quarter from the same period in 2008.

Adams County, with many lower-priced homes, also has been at center-stage for foreclosure activity in recent years, but filing activity was flat in 2009 from 2008, as well as the fourth-quarter of 2009 compared with the last three months of 2008. Overall, foreclosure filings in the fourth quarter from the same period in 2008 were up 32 percent. Some observers  are predicting that another wave of foreclosures could sweep over the Denver area next year.

“Our foreclosure sales are actually down about 20 percent from 2008, and the number of foreclosures being withdrawn are up 17 percent,” said Carol Snyder,  public trustee for Adams County.

“That means more people are staying in their homes and not losing them in foreclosures,” Snyder said. “I think that is a more important than the number of filings.”

She said banks appear much more willing to work with homeowners than they have been in the past.

“I think the banks are learning that it is better to modify loans and keep people in their houses than to add more real estate foreclosures to their portfolios,” Snyder said.

Shannon Peer, director of Housing Counseling, agreed, but is still worried that the state may face more foreclosure filings, which could swamp the state and the system.

He said that the Colorado Foreclosure Hotline (877-601-4673), which Brothers manages, has helped a lot of people learn their options, helping to keep many people out of foreclosure and in their homes.

“But there are indications that a second wave of foreclosure filings building,” Peer said, because of the economy. In addition, another round of  option-ARMs are set to adjust upward in the second half of the year, which could be a calamity for homeowners barley hanging on with their current payments, he said.

He said a “second or third-wave of foreclosure filings,” could offset the drop in foreclosure sales, as well as drop the increase in foreclosure cures and withdrawals.

Meanwhile,  Boulder, Broomfield and Douglas counties have experienced the largest percentage increases in foreclosures, although their overall numbers are still smaller than in Denver, Adams and Arapahoe counties.

“This is the highest number we have ever done. Ever,” said Dianne Bailey, public trustee for Douglas County, where the 2,765 filings in 2009 were almost 27 percent higher than in 2008. Boulder foreclosures rose by more than 38 percent, the biggest increase of the seven area counties.

Bailey was surprised in the surge of foreclosures filings.

“I thought they were going to level off after 2008,” she said. “I guess we thought they just couldn’t go any higher.”

More expensive homes entering the foreclosure process is a trend that counselors saw emerge last year, said  Peer, of  Brothers Redevelopment in Edgewater.

“Over the last year, we have been seeing more homeowners who had higher incomes that we had seen previously,” Peer said. “We’re seeing more home values above $250,000 we had seen in the past. In the past, the under $200,000 price range had been the hard-hit market.  We have seen homes in Evergreen in the $800,000 and $900,000 range, we have seen homes down south in the $600,000 to $650,000 price range. I would say this is a trend that started a good eight months ago. ”

He said it was possible that owners of expensive homes were able to hold out longer than people at the lower-wrung of the economy, but now they, too, are losing their jobs.

One of the challenges they face is that because much of the jumbo-loan money has dried up, it is difficult to find buyers for homes that have mortgages larger than conventional limits of $417,000.

“They are being pinched,” Peer said. “Their are very buyers out there unless they can pay cash. And there aren’t many cash buyers.”

Bobby Burnett, principal of Keller Williams Realty DTC, said that while his regular home sales business was way down last year, his short-sale business was up 50 percent to 60 percent from 2008. A short sale is when a lender takes less than the mortgage amount.

Although the prices were “all across the board,” the biggest increase of distressed properties was for ultra-expensive homes.

“We saw them in Parker, Castle Rocky, a bunch in Boulder,” Burnett said. “The only place that seemed semi-insulated  was Castle Pines Village. I find properties are still selling there.”

Many of the expensive homes are selling for huge discounts, he said.

He tried to sell one home west of Sedalia for $1.1 million, which previously had sold for $1.4 million. Later, the home went into foreclosure and another broker sold it for $750,000.

Perhaps one of the biggest bargains is a 9,000-square-foot home on 11 acres in Elbert County that was appraised at $3 million three years ago.  It’s likely now to sell in a short sale for about $800,000, he said.

“The house looks like a southern mansion in Atlanta,” Burnett said.

Denver City Councilman Rick Garcia, who a couple of years created a Foreclosure Task Force, said that he is not surprised that foreclosure activity is rising faster in the suburbs than in the city.

“As I recall a couple of years ago from data from the Foreclosure Task Force, the average price of a home in foreclosure in Denver was around $124,000, far below the median-price of a home in the city,” Garcia said.

Many of those homes, he said, have been purchased with the help of federal funds or have been “gobbled up” by private investors. They have since been “rehabilitated” and put back into the market, he said.

The first round of foreclosures came from “unscrupulous lenders,” who saddled buyers with high-mortgage rates, Garcia said. Many of those homes in Denver have since worked their way through the system, Garcia said.

He said he thinks many more of those kind of loan, as well as no downpayment loans that were not supported by incomes, were made in suburban subdivisions.

“Denver seems to be bottoming out of the foreclosure circumstances,” Garcia said. “Now, I would say we are seeing more of what I would call “traditional” foreclosures, caused by people losing their jobs.”

Ryan McMaken, spokesman for the Colorado Division of Housing, said that the Denver-area data seems to confirm that more expensive homes in suburban areas are now suffering from growing foreclosures.

“Overall, what I would say is that the Denver-area is fairly flat, while foreclosures are rising elsewhere in Colorado,” McMaken said.

Later this months, McMaken will release a report that will show a record number of foreclosure filings in the state. In 2008, there were just under 40,000 foreclosure filings in all of Colorado, but his data will show more than 45,000 filings in 2009.

There are still a few counties to report to the division, but he expects about 47,000 filings when he receives all of the data. “I’m already at something like 45,400,” he said.

He noted that when the foreclosure crisis began several years ago, “the Denver-area was driving it,” and much of the area outside of the metro area remained impervious.

That is no longer true, as more populous areas along the eastern plains, as well as a number of Western slope communities, are seeing huge percentage increases in foreclosures.

“Of course, there are other economic factors driving the foreclosures in a lot of mid-sized counties outside of the Denver metro area,” he said. For example, a downturn in mining and exploration is hurting the Grand Junction area, while the failure of Greeley-based New Frontier Bank hurt ranchers and farmer.

Sources: Public Trustees

*Adams County removed “repeat” filings, which reduced the total amount by about 100 each year.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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This home in Steamboat Springs is owned by the FDIC and is priced at $1.299 million

The most expensive homes in the nation that Uncle Sam is selling through the Federal Deposit Insurance Corp. are in the mountain town of Steamboat Springs.

The homes, actually duplexes, with newly lowered prices of $1.299 million and $1.199, respectively, were assets of the failed New Frontier Bank in Greeley, which the  FDIC took over on April 10.

The prices of  the 5,468-square-foot home at 2662 Alpenglow Way, and the 5,200-square-foot home at 2660 Alpenglow Way, have been slashed about 65 percent when they were first on the market.

Indeed, the prices for each home has been dropped about 35 percent from the original listing prices of $1.9 million for the bigger one and $1.842 million for the smaller one, by the FDIC.

Listing broker Jim Walters of Prudential Steamboat Realty, began working with the builder of the spec homes in 2006, “when everything was selling in in Steamboat Springs.  If a duplex lot was listed on the mountain, if it lasted a day it was surprising. We found the lot (for the homes) on our third try.”

The Tuscan-styled h0mes, completed in 2008 ,  initially were priced at around $3.9 million and $3.4 million. That was a time when homes in Steamboat were selling in the $600 and $700 per square foot price range. Now, they are each priced below $250 per square foot.

“We never saw the prices of an Aspen or a Vail, so Steamboat Springs was considered a bargain,” Walters said.

The home include a three-car and four-car garages,  which are relatively rare in Steamboat, he said. They also have a number of green features, such as recycled lumber, energy efficient appliances, energy  efficient boilers, and “probably the best blown-in insulation you can buy.” T

The homes also sport cutting edge sound systems, and like many homes in Steamboat, heated driveways. The homes are elevator-ready, with shafts that are currently disguised as closets. Both units have 30-foot tall great-room fireplaces. The smaller east villa will have an outdoor fire pit that will back up to an Aspen grova and a seasonal stream.

The homes are not technically ski-in, ski-out, but are 0.9 of a mile from the Ski Mountain Gondola. They are served by a free ski mountain shuttle.

Walters has been approached by individuals and groups wanting to buy both units, as well as those interested in only one. “We’ve had interest from corporate-type buyers that would use one of the homes as sort of a corporate retreat for clients. It’s pretty much a toss up which way it will go.”

He initially received two calls from people interested in the homes from Texas, and has since has heard from prospective buyers in Florida, Indiana, Illinois and Kansas. He has scheduled a number of tours for potential buyers between Thanksgiving and Christmas.

Although they are currently the most expensive homes listed by the FDIC, there are other homes in Steamboat carrying much higher price tags.  They are the only homes priced above $1 million owned by the FDIC in Colorado, at this time. There is a home at 651 S. Race St. in Washington Park that was initially listed by the FDIC at $972,400, but now is priced at $850,400.

And the most expensive of the 5,000 or so properties being sold by the FDIC is an office complex in Newport Beach, Calif., priced at $59 million. But according to media reports, that 332,000-square-foot complex was put under contract last month by a Salt Lake City group for $50 million.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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Realtors, analysts and politicians dreaded RealtyTrac’s rankings of foreclosure rates, because Greeley, Denver and other places were sure to be at the top of the list.

“I remember you and I used to talk back in those days, and it was always more bad news,” said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp. and principal of Development Research Partners In Littleton.

No more.

Colorado’s foreclosure black eye is healing. Places like Las Vegas, where about one out of every household is hit by a foreclosure, now are being hammered by mortgage defaults worse than what Denver experienced at its worst.

RealtyTrac, based in Irvine, Calif., released a third-quarter report today that ranks the Denver-Aurora area No. 47 out of 203 metropolitan areas for foreclosure rates. Greeley was the worst in Colorado at No. 33.  Other Colorado metro areas: Fort Collins-Loveland, No. 47; Colorado Springs, 56; and Boulder, 98.

The Denver-Aurora area showed one out of every household with some type of foreclosure filing, not far off from the national average of one out of every 136 households.

“If Denver is No. 47, and near the national average, the top ones must be in really bad shape,” noted economist Silverstein.

Now, other parts of the country have caught up – and in many cases, surpassed – what Colorado was experiencing in 2006.

Las Vegas-Paradise, ranked No. 1, saw the number of foreclosures jump by 53.62 percent in the third quarter from the same period in 2008, more than twice the national average of 22.5 percent. The Denver-Aurora area, by contrast, showed a 1.58 percent drop in the period.

“Rising unemployment and a new variety of mortgage resets continued to gradually shift the
nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two
years and toward some metro areas that had avoided the brunt of the first foreclosure wave,”
said James J. Saccacio, chief executive officer of RealtyTrac.

“While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.”

Silverstein also is worried of another wave of foreclosures, but other areas of the country are even more vulnerable and fragile.

“We certainly felt the pain earlier on,” Silverstein said. “And we are certainly feeling like it is time to start seeing some improvements in Denver and all of those nasty numbers coming our way. It is nice to be in a more solid position.”

She said that she is talking to more and more people every day, who want to take advantage of Denver’s relatively low housing prices, and low interest rates. Unlike other parts of the country, there is a feeling in Denver that the worst may be behind us, she noted.

“This is a terrific opportunity to buy,” Silverstein said, although she is worried about another round of foreclosures due to people losing their jobs.

News such as the RealtyTrac report makes Denver more attractive for businesses than other parts of the country, she said.

“That is going to help us from an economic development perspective,” Silverstein said. “Companies looking to expand or relocate, are very concerned about housing prices and the housing market.”

Also, now that Denver is not fighting the foreclosure battle by itself, the area can benefit from federal programs spurred by rising foreclosure rates in places such as California, Florida, and Nevada.

“Obviously, there is a lot of pain in various parts of the country,” Silverstein said. “Certainly, we hate to see that happen. We all benefit from a healthy economy around the country. But that it the way the teeter-totter of the economy works.”

Rank	Market	Properties with foreclosure filings	%Housing Units with filings	1 out of every household with filing	% change from 2nd quarter 2009	% change from 3rd quarter 2009
N/A	U.S.	937,840	0.73	136	5.40	22.50
33	Greeley	1,234	1.33	75	9.01	23.52
47	Denver-Aurora	9,235	0.89	113	5.48	-1.58
52	Fort Collins-Loveland	1,027	0.81	124	64.58	63.28
56	Colorado Springs	1,926	0.75	133	1.21	15.95
98	Boulder	551	0.45	224	34.39	45.77

.

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