Forclosure Rate Down But 2 Percent Of Colorado Loans Are Seriously Delenquent

Dated: 07/09/2014

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Foreclosure rates in Colorado and metro Denver decreased in May, according to CoreLogic, a property, analytics and service provider.

There were 7,509 completed foreclosures between May 2013 and May 2014 in Colorado, compared to 14,368 from May 2012 to May 2013.

In metro Denver, there were 3,164 completed foreclosures between May 2013 and May 2014, down from the 6,636 completed foreclosures between May 2012 and May 2013.

Completed foreclosures occur when a property is auctioned and purchased by either a third party, such as an investor, or by the lender.

Still, about 2 percent of mortgages in Colorado and 1.8 percent in metro Denver were considered "seriously delinquent" in May, at least 90 days in arrears and on the verge of entering the foreclosure process, CoreLogic spokeswoman Andrea Hurst said.

Hurst said the foreclosure inventory ā€” the percentage of mortgages in some stage of foreclosure ā€” was 0.6 percent in Colorado and 0.5 percent in metro Denver in May, both down 0.3 percent from May 2013.

By comparison, the five states with the highest foreclosure inventory were New Jersey, 5.8 percent; Florida, 5.2 percent; New York, 4.3 percent; Hawaii, 3.1 percent; and Maine, 2.8 percent.

Alaska had the lowest share, at about 0.3 percent, followed by Wyoming, North Dakota and Nebraska, all at 0.4 percent.

CoreLogic said that nationally, the foreclosure inventory was down 37 percent nationally from a year ago.

The CoreLogic report Tuesday on the declining foreclosure rate is indicative of the "continuing recovery," Hurst said. "It is all a good thing."

Nationwide in May, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-by-month basis, completed foreclosures were up 3.8 percent from the 45,000 reported in April 2014.

CoreLogic said that as a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 a month nationwide between 2000 and 2006.

Denver Colorado Realtor -Michael Steffen Michael is a motivated realtor specializing with investors and new home buyers located in the following areas; DenverArvada Aurora Bennett Byers Castle Pines Castle Rock Centennial Cherry Hills Village Columbine Valley Deer Trail Denver Elbert Englewood Franktown Greenwood Village Highlands Ranch Larkspur Littleton Lone Tree Parker Sedalia Sheridan Strasburg WatkinsWheat Ridge, Lakewood, Castle Rock, Thornton, Westminster, Evergreen, Golden. Michael Steffen 
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Michael Steffen

My name is Michael Ross Steffen. Iā€™m an Exit Realty Cherry Creek Agent in the Denver metro area. I specialize in advanced marketing, buying, selling and investing for seasoned, as well as first time....

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