In a report released today, the Irvine, Calif.-based company showed that one out of every 191 households in Colorado were in some stage of foreclosure, from the first filing to the REO (real estate owned) transaction when the bank takes possession of the house. The U.S. average for foreclosures was one out of 230 households. Nevada remained No. 1 for the 62nd consecutive month, with one out of every 95 housing units in foreclosure. Nevada kept the top spot despite its foreclosure activity falling by 62 percent from the first quarter of 2011 and dropping 26 percent from the fourth quarter.

Colorado showed a 16.45 percent drop from the first quarter of 2011, about the same as the national average of 15.9 percent. However, Colorado’s foreclosure activity was up 6.2 percent from the fourth quarter, compared with a 2.25 percent drop for the U.S.

Nationwide, RealtyTrac reported 572,928 foreclosure filings. the first-quarter total was the lowest quarterly total since the fourth quarter of 2007, when 527,740 properties with foreclosure filings were reported.

Foreclosure filings were reported on 198,853 U.S. properties in March, a 4 percent decrease from February and a 17 percent decrease from March 2011. March’s total was the lowest monthly total since July 2007, and also the first monthly total below 200,000 since July 2007.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore, chief executive officer of RealtyTrac. “There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March. The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short-sale activity.”

Contact John Rebchook at JRCHOOK@gmail.com

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The report by the Irvine, Calif.-company, showed 1.78 percent of all housing units in Colorado had at least one foreclosure filing last year, compared to the national average of 1.45 percent.

The good news was that foreclosure filings in 2011 from 2010 dropped by 21.7 percent in Colorado. The bad news is that is far below the 34.3 percent drop for the overall nation.

Foreclosure filings in Colorado wee down 23.7 percent from 2009, again far below the national drop of 33.2 percent from 2009.

U.S. foreclosure rates last year were at their lowest point since 2007. RealtyTrac tracks the foreclosure process from the first filing to the REO, (Real Estate Owned), when the bank takes the property back.

Ryan McMaken, of the Colorado Division of Housing, who tracks foreclosure using a different methodology, thinks the trend RealtyTrac shows for Colorado is in the ballpark, but is skeptical that the state is doing worse than most other states.

Skeptical of ranking

“I do not know about the ranking,” McMaken said. “That remains an inscrutable process of how they arrive at their rankings.”

He noted that the Mortgage Bankers Association, and other groups, rank Colorado and the Denver area as markets with the lowest foreclosure rates, not the highest.

“We’re looking at other lists that put us among the Top 10 best,” as far as foreclosure activity, he said.

On the other hand, “ I do think RealtyTrac’s overall trend,” for Colorado is correct, he said.

“The bigger story is what we are looking at this year as far as foreclosure activity is that filings are way down, but completed foreclosure are pretty flat,” he said “We’re going to see about 20,000 foreclosure filings this years. Clearly, there is a downward trend for new filings.”

Nationally, “foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process. Colorado uses a public trustee system.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

December activity hits 49-month low, scheduled auctions up in fourth quarter

Foreclosure filings were reported on 205,024 U.S. properties in December, a decrease of 9 percent from the previous month and down 20 percent from December 2010. December’s total was the lowest monthly total since November 2007 — a 49-month low.

Contact John Rebchook at JRCHOOK@gmail.com

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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.

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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.”

Contact John Rebchook at JRCHOOK@gmail.com

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One out of every 168 households in Colorado were in some stage of foreclosure – from the first notice until the bank repossession at a public trustee sale – according to the Irvine, Calif.- based company. That compared to the national average of one out of every 213 homes in some stage of foreclosures

Colorado showed a 20.8 percent drop in foreclosure activity from the third quarter 2010, compared with a 34.4 percent drop for the nation. Foreclosure activity in Colorado picked up 0.82 percent from the second quarter, compared with a 0.35 percent increase for the nation.

Boulder showed the lowest foreclosure rate of major cities in Colorado, with one out of every 342 households in some stage of foreclosure. That is a 32.7 percent year-over-year drop, and a 0.55 percent increase from the second quarter.

In the Denver-Aurora metropolitan statistical areas, one out of every 156 households were in some stage of foreclosure, a 24.35 percent decline from the third quarter 2010 and a 0.38 percent increase from the second quarter.

Greeley showed a 11.3 percent from the third quarter, one of only four 20 metro areas to show a quarter-to-quarter decrease. Foreclosure activity was down 39 percent in Greeley from the third quarter of 2010.

Nationally, foreclosure filings were reported on 214,855 U.S. properties in September, a 6 percent decrease from August and a 38 percent decrease from September 2010.  September marked the 12^th straight month where foreclosure activity decreased on a year-over-year basis.

“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork,” said James Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.

“Third quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures.”

Nevada posted the nation’s highest state foreclosure rate — one in every 44 housing units with a foreclosure filing in the third quarter. Overall Nevada foreclosure activity decreased from the previous quarter thanks to a drop in scheduled auctions and REO. Default notices, however, n Nevada increased 15 percent from the second quarter to the third quarter — boosted in part by a 16 percent month-over-month increase in defaults in September.

Area	1 out of every household in foreclosure	Change from 2nd quarter	Change from 3rd quarter 2010
Boulder	342	0.56%	-32.7%
Colorado Springs MSA	171	4.4%	-24.2%
Denver-Aurora MSA	156	0.4%	24.3%
Denver City and County	215	-10.0%	-34.5%
Fort Collins-Loveland	200	7.4%	-4.4%
Grand Junction	114	-2.2%	23.65%
Greeley	105	-11.3%	-39.0%
Pueblo	136	0.8%	10.5%
Colorado	168	0.86%	-20.8%
U.S.	213	0.35%	-34.4%

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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

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The report by the Irvine, Calif.-based company also showed that some parts of Colorado showed gigantic year-over-year percentage increases in foreclosure, although the numbers are extremely small.

Durango, for example, showed a 500 percent increase in foreclosures in the second quarter from the same period in 2010, yet only had 24 foreclosure sales between April and June of this year.

Grand Junction’s 134 foreclosures were 306 percent higher than a year earlier and foreclosures were up 220 percent in Fort Morgan, where a mere 32 sales were tracked by RealtyTrac in the second quarter.

Of 14 metropolitan statistical areas broken out by RealtyTrac in Colorado, there were 4,272 foreclosure sales. The Denver Aurora area accounted for 60 percent of those, with 2,573 foreclosure sales. In the Denver-Aurora MSA, foreclosure sales were down 4.8 percent on a year-over-year basis, compared to a 10.2 percent drop for the entire nation.

Boulder, with 73 foreclosures, showed the biggest percentage drop, falling 48.6 percent from the second quarter of 2010.

Silverthorne, with only nine foreclosures, had the highest average price of a foreclosed sale at $445,916. The national average was $164,217. In the Denver-Aurora MSA, the average foreclosure price was almost identical to the national average at $164,030 in the second quarter, RealtyTrac reported. The average price in Edwards, in Eagle County, was $368,436 for its 20 foreclosure sales, while it was $230,702 in Boulder.

Statewide the average sales price of all foreclosures in Colorado was $170,317 in the second quarter.

U.S. Snapshot

Nationally, foreclosure sales are down from almost 36 percent of all sales in the first quarter, but are up from 24 percent in the second quarter of 2010.

Despite the increase in share of total sales from a year ago, sales of real estate in some stage of foreclosure or bank-owned (REO) properties decreased from a year ago in terms of raw numbers. Third parties purchased a total of 265,087 homes in foreclosure or bank owned nationwide in the second quarter, up 6 percent from a revised first quarter total but still down 11 percent from the second quarter of 2010.

Nationally, the average price of a home in foreclosure or bank-owned was down less than 1 percent the first quarter and down nearly 5 percent from the second quarter of 2010.

“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans.

“The jump in pre-foreclosure sales volume coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” Saccacio continued. “This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure. Streamlined short sales also give lenders the opportunity to more pre-emptively purge non-performing loans from their portfolios and avoid the long, costly and increasingly messy process of foreclosure and the subsequent sale of an REO — which may end up selling for a lower price than it would have as a pre-foreclosure short sale and in the meantime further stresses already overloaded REO departments.”

Contact John Rebchook at JRCHOOK@gmail.com

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Colorado also ranked No. 12 of the states for its foreclosure rate, one one out of every 665 households in some state of foreclosure in July. That compared with the overall national rate of out of every 611 homes in some state of foreclosure, from the initial filing  until the REO (real estate owned) when the lender obtains the home at a public trustee auction. The Colorado Division of Housing, which uses a different methodology to track foreclosures, released a report today showing a similar trend.

The one measure by which Colorado vastly out-performed the nation was in the monthly percentage drop from June to July. Colorado showed a 25.2 percent drop, compared to a 4.5 percent drop for the entire nation.

National snapshot

Nationally, in July  foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 212,764 U.S. properties in July, a 4 percent decrease from June and a 35 percent decrease from July 2010, according to RealtyTrac.

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.”

Contact John Rebchook at JRCHOOK@gmail.com

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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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Colorado remains on the Top 10 list it has never wanted to be on.

Colorado ranked tenth in May for its foreclosure rate, according to a report released today by RealtyTrac. RealtyTrac, based in Irvine, Calif., found that total foreclosure activity in May fell by 13.6 percent in May from May 2010, less than half of the 33.4 percent year-over-year drop for the entire nation. However, on a consecutive month basis, Colorado showed a greater percentage drop, with the foreclosure rate falling by 4.4 percent, compared with just under a 2 percent drop average drop across the country from April.

RealtyTrac tracked a total of 4,187 Colorado properties in some stage of foreclosure – from the initial notice to the real estate sale at the public trustee public auction – in May. In Colorado, one out of every 518 households were in some stage of foreclosure, compared with one out of every 605 households for the nation.

Ryan McMaken, of the Colorado Division of Housing, who analyzes the state’s foreclosure rate by using a different methodology, noted that Colorado continues to hover around the national rate and its ranking is at No. 10 is about where it has been for a long time.

“It looks like there’s very little change here, actually,” McMaken said. “The conflct between the Mortgage Banker Association’s data and the Realtytrac data continues since the MBA data continues to show Colorado falling behind other states, but the state is holding steady in the Realtytrac rankings. The drop in foreclosures in this report further reinforces almost everything else we’re seeing in Colorado trends right now. However, it’s curious that the year-over-year change in the Realtytrac report is much smaller than our own reported year-year-over changes of 20 and 24 percent for sales and filings, respectively. The month-over-month decline was expected, of course, since May tends to be a lighter month for foreclosure activity.”

National snapshot

Nationally, RealtyTrac found 214,927 properties in some stage of the foreclosure process, including default notices, scheduled auctions and bank repossessions in May.

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

Contact John Rebchook at JRCHOOK@gmail.com

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