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

Dated: 07/09/2014

Views: 507

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 
Blog author image

Generation Property Group

My name is Michael Ross Steffen. Iā€™m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....

Latest Blog Posts

Your First Step in Buying a Home

Pre-ApprovaL:YOUR 1st Step In Buying A HomeIn many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to

Read More

Your First Step in Buying a Home!

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often

Read More

New Listing - Denver - Under $175,000

You will fall in love with this 2 bedroom condo located at5995 W Hampden Avenue, H14 in Denver.   Centrally locatedoff of Hampden between Sheridan and Wadsworth. This home has been

Read More

7 Signals The Home You Are Looking At Will Have a Solid Resale Value

While it might seem premature to think about selling a home before you even buy it, it's important to remember that a house is an investment. And in an ideal world, investments make&

Read More