July foreclosures, mortgage delinquencies up

Foreclosure rates in Colorado Springs increased slightly for the month of July over the same period last year, according to CoreLogic.

The most recent statistics were compiled using a three-month running average for May-June-July 2010, which included some home-buyer tax credit sales.

According to the report released this week the rate of Pikes Peak region foreclosures among outstanding mortgage loans is 1.70 percent for the month of July, an increase of 0.13 percentage points compared to July of 2009 when the rate was 1.57 percent.

Foreclosure activity in Colorado Springs, however, is lower than the national foreclosure rate which was 3.13 percent for July 2010, representing a 1.43 percentage point difference.

The city also saw its mortgage delinquency rate increase on a year-over-year basis.

According to CoreLogic data for July, 4.47 percent of mortgage loans were 90 days or more delinquent compared to 4.13 percent for the same period last year, representing an increase of 0.35 percentage points.