Ranking Overstates Colorado Foreclosures
Over the past year or so the Colorado Division of Housing was feeling that Colorado’s ranking as the state with the highest foreclosure rate was overstated. In response to this “feeling” they compiled their own statistics from each Colorado county and compared that to the numbers reported by RealtyTrac a national company that tracks and markets foreclosed properties. The results were recently compiled and the Colorado Division of Housing reported that the number of foreclosed properties in the state, 28,435 was about half of what was reported by RealtyTrac. This computes to one foreclosure for every 58 households. RealtyTrac had reported that Colorado had a nations worst,one foreclosure for every 33 households. The discrepancy most likely came as a result of how Colorado has a transparent three-tiered process for foreclosures. While this is better news and will probably put Colorado out of the top ten, the state still has not seen this many lost homes since the late 1980’s.
Of the 11 Denver Metro Counties Boulder had the fewest foreclosures with one foreclosure in every 144 households. The county which has been hardest hit in our area is Adams County with one of every 32 households affected.
Maybe RealtyTrac can use this data and figure out where their system has broken down. I’d sure like to see more good news in the media about real estate.