Nearly 2 percent of all Colorado homes in foreclosure

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More than 2.2 million foreclosure filings were reported nationally during 2007, an increase of 75 percent compared to 2006.

RealtyTrac’s 2007 U.S. Foreclosure Market report also shows that more than 1 percent of all U.S. households were in some stage of foreclosure during the year, up from 0.58 percent during 2006.

Nearly 216,000 foreclosure filings were reported during December, up 97 percent from a year earlier. That brought the fourth-quarter total to 642,150 filings, up 1 percent from the previous quarter and up 86 percent compared to the fourth quarter of 2006.

Colorado ranked fifth nationally for foreclosure rate, with 1.92 percent of all households in foreclosure. Nevada, Michigan, Florida and California were ranked first through fourth, respectively.

At year’s end, there were 39,403 properties in foreclosure in Colorado, up 140 percent compared to 2005 and up 30 percent compared to 2006.

One Response to Nearly 2 percent of all Colorado homes in foreclosure

  1. It is important to note in any story about foreclosures in Colorado that, while the rate has certainly increased within the state, comparisons with the foreclosure rates of other states can be inaccurate. Colorado reports foreclosures differently than many other states, by capturing the numbers at the beginning of the process, at the filing of the Notice of Election and Demand. Many of these homes are taken back by the homeowner during the redemption period, and never go into full foreclosure and sale. In contrast, other states count foreclosures at the sale at auction, when no further redemption by the homeowner is possible. It’s important to remember this reporting difference when looking at foreclosures in the news.

    Eileen Healy, Realtor, GRI, ePro
    January 29, 2008 at 5:16 pm