Would be home buyers in the Denver metro know all too well how quickly homes sell in the Mile High City. If you’re wondering if there’s anywhere else in the country where
Colorado Foreclosure Situation Continues To Improve
Additionally, the report indicates that most homeowners in Colorado – approximately 54 percent – who are in foreclosure, have some equity in their homes, and that is true in only 31 percent of the cases nationally.
At the local level, Colorado foreclosure rates continue to improve, as we experienced a 58 percent drop in foreclosure starts and 54 percent drop in foreclosure completions in 2013 compared with 2012, according to a different RealtyTrac report.
The biggest drop in the metro area was in the city and county of Denver, which boasted a year-over-year drop of 72.5 percent for total foreclosure activity, from the initial filing to the public trustee sale, known as a REO (real estate owned.)
Other counties showed similar percentage drops. Adams county foreclosures were down 65 percent; Arapahoe fell 70%; and Douglas and Jefferson were each down 69 percent.
According to report findings, in Colorado one out of every 132 households was in some state of the foreclosure process, while the national average was one out of every 96 households. In Colorado that is equal to 0.76 percent of total housing units, while the national average was 1.04 percent.
The news is particularly promising, as the Denver area was one of the first places in the country to be swept up by the foreclosure spiral, and for several years was considered one of the foreclosure capitals in the nation.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....