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Total foreclosure activity in Colorado in the first half of the year dropped 14.7 percent from the same period last year, but that still ranked the state No. 9 in foreclosures, according to a national report released today by RealtyTrac.
The U.S. as a whole showed a 28.3 percent drop on a year-over-year basis, according to the California-based company.
In Colorado, it showed 26,744 total foreclosure filings, or one out of every 84 housing units. That compared with one out of every 111 housing units being in some state of foreclosure nationally. RealtyTrac’s methodology covers everything from the first foreclosure notice until it becomes an REO, or Real Estate Owned, when the bank buys it a public trustee auction.
Ryan McMaken, spokesman for the Colorado Division of Housing, early next month will be releasing his own report, using a different methodology than RealtyTrac.
Foreclosures on pace for 20% drop
“My data for the first half of 2011 is incomplete, but if current trends keep up, it looks like Colorado is on track to end 2011 down about 20 percent down from 2010 s totals.,” McMaken said. “This is somewhat due to many lenders’ policy of slowing down foreclosure processing, but that doesn’t appear to be the only reason, since Mortgage Banker Association data also shows fewer loans becoming delinquent in Colorado.”
Indeed, RealtyTrac’s numbers and the MBA’s analysis, seem to paint different pictures of Colorado’s foreclosure standing, compared with other parts of the country.
“As far as the state-to-state comparisons are concerned, the same disparity continues between Realtytrac’s rankings and those published by the MBA,” McMaken said. “In MBA’s data, Colorado ranks about 35th in delinquencies and foreclosure inventory, while in Realtytrac’s data, the state regularly ranks 9th or 10th in foreclosure activity.”
Still, the two national reports show similar trends.
“Realtytrac’s year-over-year changes reflect a similar trend, although to a slightly smaller extent,” McMaken said. “Nevertheless, it’s clear at this point that so far in the year, Colorado’s foreclosure activity is well below what it was last year.”
