Nationwide, home foreclosures have dropped to their lowest level since November 2005. During April 2017, there were 77,049 filings reported in the U.S. This number includes default notices, scheduled auctions and bank repossessions. The figures reflect the lowest number of foreclosures since the housing crisis began.
While the drop is significant, at the same time there was a rise in repeat foreclosures. A repeat foreclosure is noted as any property address with the same owner who had a previous foreclosure start within the last 10 years. Many of these repeat foreclosures were homeowners who fell into default but managed to stay in the home through various methods such as modifications or legal means but are now facing a real and final foreclosure.
During April 2017, every one out of 1,723 housing units nationwide had a foreclosure filing. New Jersey had the highest foreclosure rate with one in every 562 homes in foreclosure, followed by Delaware with one in every 706, Maryland with one in every 776, Connecticut with one in every 956 and Illinois with one in every 1,083 housing units. New Jersey, Connecticut and Massachusetts had the highest increases in foreclosure filings with 1%, 29% and 3% respectively.
The Mid-Atlantic states remain elevated in mortgage delinquency (30-59 days past due), followed by the northeast states of New Jersey and New York. There is also a serious delinquency rate in Alaska, Louisiana and Wyoming. Analysts see these three, relatively new states related to the impact of the downturn in the global oil market.
Nationwide, April saw a total of 25,990 properties with completed foreclosures. This number is a just a little over the 25,796 completed foreclosures right before the recession.
In Colorado, statistics show in the fourth (last) quarter of 2016, there were a reported 1,794 foreclosure filings and 633 sales at auction (completed foreclosure) wherein the property went to sale at an auction and was bought by a third party. However, at the same time, when comparing foreclosure filings in the fourth quarter of 2016 with the third quarter - the fourth quarter rose 4.2% from 1,721 to 1,794.
In 2015, there were 8,241 foreclosure filings in Colorado. In 2016 that number fell 7% to a total of 7,666 foreclosure filings. These latest figures are a far cry from 2007, when there were 39,920 foreclosure filings in Colorado or 2009, the highest year of 46,394. Colorado foreclosure sales (homes sold to a third party in an auction) in 2007 were at a high of 25,054. In 2016 that number fell to 3,128 homes.
The counties with the highest foreclosure sale rates are Pueblo and Mesa. Other counties in with the highest foreclosure sales are mountain and rural counties such as Rio Blanco, Las Animas and Lake.
While the rest of our nation is described as being in a moderate recovery, Colorado is enjoying a booming economy. Foreclosure filings and sales are predicted to continue in a downward trend.
If you are concerned about foreclosure on your home, facing foreclosure on your home, or if your monthly mortgage payments are too high and you may be a candidate for a loan modification, contact Colorado's top foreclosure defense attorneys for help. Gantenbein Law Firm's Colorado foreclosure defense attorneys are renowned throughout the state and recognized nationwide for their work on foreclosure defense. If you would like a consultation of your case, call 303-618-2122.
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