Data released Thursday by a national housing-trend tracker show that overall foreclosures across the U.S. were up 2 percent in October, while the number of active foreclosure homes at auction in Colorado was up a whopping 124 percent.
U.S. foreclosure filings did, however, did see a decrease of 28 percent compared to the same time last year according to the U.S. Foreclosure Market Report by California-based RealtyTrac.
“Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors at the auction and that rising home prices mean more of the loan losses can be recouped, either by selling to an investor at the auction or by repossessing the property and reselling as bank owned,” RealtyTrac Vice President Daren Blomquist said in a news release.
The company analyzed foreclosure filings — default notices, scheduled auctions and bank repossessions — and determined that they included a total of 133,919 properties nationally last month.
According to the data, Colorado experienced the 1,191 foreclosure starts and completions in October. Starts were up 124 percent since September, but down 54 percent since October 2012; completions were down 26 percent since September and down 76 percent since the same time last year, according to RealtyTrac.
The state follows 22 states in the number of foreclosure starts, the next of which are Florida with 36 percent and Illinois with 30 percent.
One in every 978 housing units in the country were included in a foreclosure filing last month, according to the report.