Colorado foreclosures down 43% from a year ago

By: Heather Draper
Reporter-Denver Business Journal

Colorado’s foreclosure filings dropped nearly 43 percent in the first half of this year compared with the same period last year, according to RealtyTrac’s mid-year foreclosure report.
Colorado had 6,416 properties with foreclosure filings from January to June, or one in every 345 household units, said RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.
The state had the 28th highest foreclosure-filing rate in the nation for the first half of the year among the 50 states. It was consistently in the top 10 states in 2011 and 2012.
In June, Colorado had 564 foreclosure filings, or one in every 3,921 housing units, a drop of 57 percent from June of 2013. The state had 195 completed foreclosures in June, according to RealtyTrac.
Nationwide, a total of 613,874 properties had foreclosure filings in the first half of the year, down 23 percent from the same period a year earlier.
The report said that one in every 214 U.S. housing units had at least one foreclosure filing from January through June.
“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistently historically normal levels.”
Florida posted the highest foreclosure filing rate of any state in the first half of the year, reporting one in every 74 housing units, nearly three times the national average.
Foreclosure filings are the initial documents, filed with county public trustee’s offices, that are used to start the foreclosure process. That process ends with the sale of a property at auction, unless debt related to the property is repaid.
The company said it bases its reports on a sampling of 2,200 counties nationwide and does not count multiple filings more than once on a single property.

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