Fewer in state losing homes
Colorado 4th in U.S. foreclosures
John Rebchook, Rocky Mountain News
Published February 13, 2007 at midnight
Colorado's foreclosure rate in January fell to the fourth- highest rate in the nation after leading for nine of 12 months last year, RealtyTrac reported Monday.
Colorado posted 2,397 homes in some stage of foreclosure in January, according to RealtyTrac.
The Irvine, Calif.-based company says that one out of every 377 homes in Colorado is in some stage of foreclosure. Nevada now is No. 1 with one out of every 362 homes in foreclosure. Michigan and Georgia also have higher foreclosure rates than Colorado, according to RealtyTrac.
The company also said that Greeley showed a 2 percent drop in foreclosures in January and had relinquished the No. 1 spot for a city to Detroit.
And Marily Van Steenberg, of Buyer's Best Choice, said a large number of adjustable rate mortgage are going to rise sharply this year, which will add to more foreclosures.
"I think it is going to continue to another year or another year and a half before it begins to level off," she said.
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