• Lisa Simpson
• May 22,2008
• In: Foreclosure

Colorado Foreclosures

To understand Colorado foreclosures it is necessary to know about the Colorado State and the background for such devastating numbers of Colorado foreclosures. Colorado State is located in the Rocky Mountain area of USA. The population has been steadily increasing since 2000 pointing to the prosperity of the state. Denver is the capital and here the numbers of Colorado foreclosures are at its peak. The Coloradans are reeling under the attack of Colorado foreclosures.

In April 2008 Colorado foreclosures number made the state rank 5th in the national foreclosure race. From January of this year it has retained this position – thanks to Colorado foreclosures. The online tracking firm of RealtyTrac has released the Colorado foreclosures statistics. Colorado foreclosures had been down by 3% from March this year but up by 3% compared to March 2007. The rate of Colorado foreclosures is 1:349 in April. It is five times more than the national median.

Many are critical of the rank placements of RealtyTrac and this raises doubts about how exact the Colorado foreclosures numbers are. Sometimes Colorado foreclosures figures are double and even triple counted. The officials of the firm strongly deny this.

Mortgage Bankers Association calculations of foreclosures in Colorado made the state rank 40th in mortgage delinquencies during the fourth quarter of 2007 and 20th as regards foreclosure loans. According to RealtyTrac the states were ranked as follows – California, Arizona, Florida, Colorado, Maryland, Georgia, Ohio, Michigan and Massachusetts.

Colorado foreclosures increased by 23%, during the first quarter of 2008, according to Colorado Division of Housing. During the first three months of the year there were 11,630 new Colorado foreclosures – an increase by 9,443 from the first quarter of 2008. Across the state the foreclosure rate was 1:86 units. In Weld County the performance of foreclosures was most satisfactory with a ratio of 1:102. The auction sales of foreclosed houses jumped by 5% year-over-year during these first three months.

The counties that witnessed the most increases in new foreclosure postings were Douglas and El Paso. In Douglas County the jump was by 78% in the first quarter in comparison to the previous year. In El Paso the hike was by 47%.

The small increase is not indicative of a rapid decline in the foreclosure numbers. Most probably this is due to recent changes introduced in the judicial process. According to it no foreclosures that had been started after 1st January could proceed for auction sales before 30th April. This caused a fall in sales during the March to April period.

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