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State foreclosures slip to 8th

John Rebchook, Rocky Mountain News

Published October 11, 2007 at midnight

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Colorado has slipped to No. 8 in the nation with its foreclosure rate, according to a September report released by RealtyTrac today.

RealtyTrac, based in California, found that one out of every 253 households in Colorado was in some stage of the foreclosure process last month.

For much of the past couple of years, RealtyTrac has listed Colorado as No. 1 or No. 2 for its foreclosure rate.

But this year, its ranking has been slipping as other states are experiencing the type of foreclosure crisis that has gripped Colorado for several years.

For the ninth consecutive month, Nevada reported the highest foreclosure rate — one foreclosure filing for every 185 households — despite an 11 percent drop in foreclosure activity from August. Nevada had 5,504 foreclosure filings for the month, up 187 percent from September 2006, according to RealtyTrac. Florida and California were No. 2 and No. 3, respectively.

Nationwide, the September report showed a total of 223,538 foreclosure filings — default notices, auction sale notices and bank repossessions — down 8 percent from the 32-month high in August, but 99 percent higher than September 2006.

The national foreclosure rate for the month was one foreclosure filing for every 557 households.

"U.S. foreclosure activity experienced a fairly broad-based retreat in September, with 39 states reporting decreasing activity and national numbers down in all foreclosure categories," James J. Saccacio, RealtyTrac's CEO said in a statement. "Nevertheless, it's important to note that September's total was still the second-highest monthly total we've seen since we began issuing our report in January of 2005.

"It's too early to tell if September's numbers represent a one-month lull or if they could signify that more buyers and investors are getting back in the market and snatching up discounted foreclosure properties, thereby providing a release valve for distressed homeowners and overwhelmed lenders."