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Colorado Foreclosure Rate Dropping

In the July Mortgage Monitor Report by Lender Processing Services*, Colorado's looking like it's beginning to heal in the housing market. Lender Processing Services tracks mortgage data nationwide.

According to the report, the total US Delinquency Loan Rate is 8.34 percent and foreclosures are at 4.11 percent nationally. Colorado comes in fifth place for the lowest foreclosures at only 1.8 percent and there are only 5 states with lower delinquency rates than Colorado's 5.4 percent.

Also tracked were the percentage of non-current loans which nationally were at 12.45 percent, Colorado showed that only 7.1 percent of loans were not current.

Ryan McMaken of the Colorado Division of Housing noted that the LPS report stated that the national average number of days since homeowners in foreclosure made a payment was 599 days. He says that the Colorado average is probably much lower than that because action is usually taken after 4 months to begin the process. "(In Colorado ), a more typical time period to process a foreclosure is probably around six to nine months, or 180 to 270 days," says McMaken

Foreclosures are hitting the higher income brackets and higher priced homes. "New foreclosure filings include more high-income people and people with better credit scores who just couldn't keep holding on after 3 years of a bad job market." said McMaken. "It stands to reason that many of the high-risk homeowners who were most prone to job loss and foreclosure have already defaulted at some point since 2009,"

Read more from Colorado Division of Housing.

Read the full report by Lender Processing Services.

*Information provided by LPS Applied Analytics

photo credit: Omaha Homes For Sale