Colorado has a lower percentage of mortgages in foreclosure than most states and saw the rate fall in the second quarter of 2011, according to the National Delinquency Survey, released Tuesday by the Mortgage Bankers Association.
Just 2.14 percent of Colorado mortgages are in some stage of foreclosure proceedings. That’s down from the first quarter, when 2.33 percent of mortgages were in foreclosure and from the second quarter of 2010, when 2.69 percent were facing or going through foreclosure, according to the report.
The foreclosure rate in Colorado is well below the national average of 4.43 percent in the second quarter of this year. There are 38 states with higher foreclosure rates, according to a report from the Colorado Division of Housing. Florida is reporting a 14.3 percent foreclosure rate and Arizona has an 8.15 percent rate.
Colorado is following national downward trends in foreclosures. While recent figures show consistent improvement in foreclosure rates, they are still almost double what they were in 2005, according to the division of housing.