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Foreclosure Rates Continue to Decrease Across the Nation
Colorado in particular saw a significant drop in the third quarter, reporting a 20.8 percent decrease in foreclosure activity from the third quarter of last year and a 3.4 percent decrease from the second quarter of this year. Still, on a national level we ranked 10th in foreclosure rates in the third quarter with one in 216 housing units with a foreclosure filing. Colorado's foreclosure activity fell 20.3 percent in September year-over-year but rose 8 percent from August of this year.
Nationally, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September's total was the lowest since July 2007.
The decrease in September helped drop the third-quarter foreclosure numbers to the lowest level since the fourth quarter of 2007. Foreclosure filings were reported on 531,576 properties during the quarter, a decrease of 5 percent from the second quarter and a decrease of 13 percent from the third quarter of 2011.
The report also shows one in every 248 U.S. housing units with a foreclosure filing during the quarter.
Since late 2010, questionable foreclosure practices have slowed that activity in many areas. However, we’re starting to see an uptick again, especially in those states where foreclosure activities have been very quiet over the last year or so.
The national decreases in September and the third quarter were driven mostly by sizable decreases in nonjudicial states such as California, Georgia, Texas, Arizona, Michigan and Colorado.
Several judicial foreclosure states — including Florida, Illinois, Ohio, New Jersey and New York — continued to buck the national trend, registering substantial year-over-year increases in foreclosure activity in September and the third quarter.
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....
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