- RealtyTrac releases national foreclosure report.
- Colorado’s 73.72% drop largest in nation.
- RealtyTrac ranks Colorado No. 37
Total foreclosure activity in Colorado fell by 73.7 percent in August from August 2012, the biggest year-over-year percentage drop in the U.S, according to a report released today by RealtyTrac.
Colorado’s drop is more than twice that of the 33.6 percent for the entire nation, according to the report.
Colorado foreclosure activity dropped 35 percent in August from July, while nationally, total foreclosures fell by 1.78 percent on a month-to-month basis.
RealtyTrac ranked Colorado No. 37th in foreclosure activity.
Before the foreclosure crisis gripped the entire nation about five years ago, RealtyTrac often ranked Denver No. 1.
For years, Colorado often languished in the top 10, although it has no longer been considered the poster boy for foreclosures, do to a robust housing recovery and an improving economy.
In August, one out of every 2,333 households was in some stage of foreclosure, until the REO (real estate owned) when the bank takes back the property at a public trustee auction.
That compared with 1,019 households, on average, being in some stage of the foreclosure process across the U.S.
Nationally, foreclosure activity has now decreased on an annual basis for 35 consecutive months, according to RealtyTrac.
“The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year,” said Daren Blomquist, vice president at RealtyTrac.
“Meanwhile foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline,” Blomquist said. “This was the case with the jump in Nevada foreclosure starts in August.”
Nevada was ranked No. 1, with one out of 359 households in some stage of foreclosure. It showed almost an 11 percent year-over-year increase, while monthly foreclosures rose a whopping 104 percent.