January foreclosure rates up, state still faring well

January foreclosure rates in Colorado Springs have increased, but the city remains far below the national rate.

First American CoreLogic reported this week that January’s foreclosure rate among outstanding mortgage loans was 1.84 percent for the month – an increase of slightly more than one-half percent compared to January 2009 when the rate was 1.28 percent. Foreclosure activity in Colorado Springs is 42 percent lower than the national foreclosure rate, which was 3.19 percent for January 2010 – a 1.35 percentage point difference.

With shifting subprime and Alt-A loans still causing borrower pain, the city’s mortgage delinquency rate also increased on a year-over-year basis. The industry analysts’ data for January 2009 showed that 5.02 percent of mortgage loans were 90 days or more delinquent. That compared to 3.52 percent for the same period last year, representing an increase of about 1.5 percent.