El Paso County foreclosure rate lags national average

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El Paso County’s foreclosure rate for May was 1.6 percent – up 0.4 percentage point compared to May 2008 when the rate was 1.1 percent.

Based on its latest report from First American CoreLogic, the Pikes Peak region’s foreclosure rate was still lower than the national rate of 2.5., representing a 0.9 percent increase on a year-over-year basis.

The latest statistics also showed that the local mortgage delinquency rate has increased. The report stated, based on data for May 2009, “that 4.1 percent of mortgage loans were 90 days or more delinquent compared to 2.9 percent for the same period last year, representing an increase of 1.20 percentage points.”

The county’s foreclosure filings from June 2008 to May 2009 topped the prior 12-month period with a total of 10,196 foreclosure filings or approximately 27.93 per day. That compared to the previous year when there were 8,101 foreclosure filings, or approximately 22.19 per day.

The report was based only on actual active mortgage loans, rather than on the total number of households in a given area. According to El Paso County Public Trustee Tom Mowle, the result is more accurate, removing paid-in-full mortgages from the equation.