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Thursday, July 24, 2014
Colorado foreclosures down 43% from a year ago
The Denver Business Journal just reported that Colorado’s foreclosure filings dropped nearly 43 percent in the first half of this year compared with the same period last year, according to RealtyTrac’s mid-year foreclosure report.
Colorado had 6,416 properties with foreclosure filings from January to June, or one in every 345 household units, said RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.
The state had the 28th highest foreclosure-filing rate in the nation for the first half of the year among the 50 states. It was consistently in the top 10 states in 2011 and 2012.
In June, Colorado had 564 foreclosure filings, or one in every 3,921 housing units, a drop of 57 percent from June of 2013. The state had 195 completed foreclosures in June, according to RealtyTrac.
Nationwide, a total of 613,874 properties had foreclosure filings in the first half of the year, down 23 percent from the same period a year earlier.
This is essentially yet another sign that this real estate market in 2014 is completely different than the beginning of the recession in 2008, the bottom of the market in early 2011, and even the bounce back of last year 2013. This is a different animal folks, but still good for both sellers (who can sell very high right now with little competition), and buyers (who can still get great interest rates and pay less than renting for a mortgage, which can also be their investment and ticket to wealth).