Did you know that Foreclosures in the Denver metro area are down?
The Colorado Division of Housing reported that foreclosure filings plunged 28% from the first half of 2010 to the first half of 2011 – more than 6,000.
Foreclosure sales dropped 13% in the first half of the year compared to a year ago. Some of this decrease can be attributed to the banks handling foreclosures more slowly, but there is also reason to believe that fewer people are falling behind in their mortgages.
RealtyTrac reports that Colorado’s foreclosure rate in July dropped a large 34.6% from July 2010 levels.
Colorado’s foreclosure rate was 2.14%, down 20% from a year ago. The National foreclosure rate was 4.43%. That means our foreclosure rate is 52% lower than the national level (2011 2nd qtr report from the Mortgage Bankers Association).
Lender Processing Services ranked Colorado as the 6th best performing mortgage market in the country for July, 2011.
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Credit goes to Lonnie Glessner at America’s Mortgage, LLC for his research and statistics in this article.