Colorado’s Foreclosure-Filing Rate Dropped 68.7%

Colorado’s foreclosure-filing rate in April dropped 68.7 percent from April 2012 and 34 percent from March, according to RealtyTrac’s monthly foreclosure report.

Local home foreclosures rose 21 percent in the first quarter from the fourth quarter.Colorado had 1,159 properties with foreclosure filings in April, or one in every 1,896 households, said RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

The state had the 36th highest foreclosure-filing rate in the nation last month — an marked improvement from having among the top 10 highest rates in the country for much of the last couple of years.

Nationwide, 144,790 properties had foreclosure filings in April, down 23 percent from April 2012 and down 5 percent from March.

The report said that one in every 905 U.S. housing units had at least one foreclosure filing in April.

Nevada posted the nation’s highest state foreclosure rate for the second month in a row, reporting one in every 360 housing units with a foreclosure filing during the month.

Foreclosure filings are the initial documents, filed with county public trustee’s offices, that are used to start the foreclosure process. That process ends with the sale of a property at auction, unless debt related to the property is repaid.

The company says it bases its reports on a sampling of 2,200 counties nationwide and does not count multiple filings more than once on a single property.

Reposted courtesy  of:

Heather Draper Reporter- Denver Business Journal