RealtyTrac: Colorado foreclosure filings down sharply in April

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Denver Business Journal
Date: Thursday, May 12, 2011, 7:20am MDT – Last Modified: Thursday, May 12, 2011, 7:36am MDT

Colorado foreclosure filings dropped 31.4 percent in April from a year earlier and were down 8.6 from March 2011, and national filings were at a 40-month low, according to a report Thursday from RealtyTrac Inc.

But the improvement, both locally and nationally, had more to do with a foreclosure-process slowdown than a significant housing recovery, the company said.

The state saw 4,379 foreclosure filings last month, or one out of every 495 housing units, higher than the national rate of one out of 593 for the month, RealtyTrac said.

Colorado ranked No. 9 among the 50 states for its rate of foreclosure filings in April, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

Nationwide, RealtyTrac counted 219,258 foreclosure filings in April, down 34.3 percent from April 2010 and down 8.6 percent from March 2011.

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” RealtyTrac CEO James J. Saccacio said in the report. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”

He said many lenders and services “are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives.” And lenders, he said, “are taking much longer than they were just a few years ago to complete the foreclosure process.”

Nevada posted the nation’s highest foreclosure filing rate in April, at one in every 97 homes, RealtyTrac reported.

In terms of total foreclosure filings, California topped the list with 55,869 properties in April.

> Click here for RealtyTrac’s full April 2011 foreclosure-filing report.

A foreclosure filing is the first step in the foreclosure process and does not always lead to a homeowner losing possession.

In the most recent state-government report, issued May 5 and covering the first quarter of 2010, the Colorado Division of Housing said new foreclosure filings were down 27 percent from the same period of 2010, and were down 24 percent from the fourth quarter.

The state report showed new filings at their lowest level since Q3 2008.

Read more: RealtyTrac: Colorado foreclosure filings down sharply in April | Denver Business Journal

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About dherries
Dave and Sally Herries and The RealtyColorado Team - Real Estate Broker serving the metro-Denver area. Offering properties in urban, sub-urban and rural areas. Our mission statement is "Enriching lives through real estate."

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