2013 to End with Record Low Foreclosure Rates in Colorado
by Client Care
on Friday, December 13th, 2013 at 8:03am.
According to the Colorado Division of Housing, foreclosure filings have dropped to levels last seen in 2004 during what we now refer to as the peak of local real estate. In addition, Inside Real Estate News, which has released report statistics by CoreLogic, says that Metro Denver is tied in 25th place for the lowest inventory of foreclosure properties in the nation.
This report also states that only 0.6% of all homes with a mortgage in the Denver-Aurora-Lakewood metropolitan area were in foreclosure in October 2013. Likewise, the State of Colorado, only had 0.7% of the homes with mortgages that were in foreclosure during October 2013, in comparison to the national level of 2.2%. In fact, only the State of Wyoming with a 0.4% foreclosure inventory rate, is lower than Colorado.
Although the foreclosure filings vary by county, places that have had statistically higher rates of foreclosure filings like Larimer and Weld Counties have also seen a decline in foreclosures over the last two quarters. Ryan McMaken, local economist for the Colorado Division of Housing, says the "foreclosure cycle [in Colorado] has largely wound down,” which is great news for homeowners all over the state! Seeing a decline in foreclosure market trends imply a steadying in the industry as a whole due to the drastic changes in how and what mortgage institutions lend to consumers.