One foreclosure statistic promising
John Rebchook, Rocky Mountain News
Published November 7, 2007 at midnight
Finally, some good news about Colorado foreclosures.
The number of real estate owned, or REO, filings dropped by 45 percent in the first 10 months of the year, compared with the same period in 2006.
It was the biggest percentage drop of the nine states that saw a drop on a per capita basis, according to a national report released Tuesday.
REOs are foreclosed homes taken back by the lenders to sell them. Not all homes that enter foreclosure become REOs.
Colorado saw 10.4 REO filings per 1,000 households in the first 10 months of the year, compared with 18.9 filings per 1,000 households during the same period in 2006, according to Sacramento, Calif.-based Foreclosures.com.
That's good news if it is true, said Ryan McMaken of the Colorado Division of Housing.
However, Foreclosures.com also reported there were 16,693 REOs in Colorado in the first 10 months of the year and REOs are roughly equivalent to foreclosure auction sales, McMaken said.
Last year, there were 13,643 auction sales in Colorado, according to the housing division.
"So, if we accept their current 10-month number and compare it to our 2006 12-month number, we already have a 22 percent increase," McMaken said.
Featured
-
State of the State
Get live updates from Ritter's State of the State address today.
-
Rocky multimedia
The news comes alive in our videos and slide shows. Catch up on what's happening today.
-
Who's next?
Complete coverage of the Broncos' search for a new coach.
-
Rocky year in photos
View an audio slide show of staff selections from 2008.
-
Winter Escapes
Your insider’s guide to the copious joys of the coolest season.
-
Sam Adams' Open Mic
Open Mic: Two-man advantage with Avs
-
Shanahan's career
See photos from Mike Shanahan's career as Broncos coach.
-
12 days of Drew
Look back at the year that has been with Drew Litton.
-
A dream fulfilled
A Rocky Mountain News and MediaStorm production
Post your comment
Registration is required. Click here to create your free user account, or login below.
Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.