Colo. foreclosures drop 31.4 percent

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Foreclosures in Colorado dropped 31.4 percent in April, slightly less than the national average of 35.3 percent, according to RealtyTrac.

That translates to one out of every 495 households in Colorado was in foreclosure during April, ranking it No. 9 nationally. The national average was one out of every 593 homes.

The huge drops largely are a reflection of the extra time it is taking lenders to foreclose on properties, rather than a sign the foreclosure crisis is healing.

Colorado’s foreclosure activity was down 8.6 percent from March, compared with the 8.56 percent national month-over-month drop.

Nationally, foreclosure activity is at more than a three-year low.