Foreclosure Filings: 5 Year Low – Colorado Real Estate

An article from the Denver Post describes how foreclosure filings fell in September to a 5 year low.  Colorado still ranks 10th of the nation for the number of foreclosures. The article said:

Foreclosure filings fell in September to their lowest level in more than five years as a housing-market rebound showed another sign of taking hold.

In the third quarter, Colorado saw 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, according to the report.

Still, Colorado ranked 10th in the nation in foreclosure rate 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.

Nationally, substantial decreases in some states hard hit by the collapse of the housing bubble helped reduce filings to 180,427 last month, down 7 percent from August and 16 percent from a year earlier, according to foreclosure-listing firm RealtyTrac. The last time filings were that low was in July 2007.

Filings for the three-month period ending in September were the lowest since the fourth quarter of 2007. RealtyTrac said there were 531,576 filings in the period, down 5 percent from the second quarter and 13 percent year-over-year, the ninth straight quarter with an annual decrease.

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac.

Read the whole article here.

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