Colorado foreclosure ranks 2nd among all states!

One in every 315 households in Colorado reported foreclosure in April. This is seven percent less than March and a whopping fifty seven percent from April last year. Colorado foreclosures is now ranking 2nd among all states.

The government is taking adequate steps to form a consumer protection clause that would make mortgage brokers accountable for forcing borrowers into loans which are difficult to be repaid. Mortgage brokers are being advised to learn more about borrower’s financial status before offering any form of credit.

Colorado’s foreclosure was followed by Nevada foreclosure with around three thousand eight hundred foreclosure homes or one foreclosure per ever two hundred and thirty homes in the month of April this year. Other top ten states included California, Georgia, Ohio, Arizona, Florida, Michigan and Illinois.

According to the latest data released by the Colorado Housing Division on may 9th, there are around nine thousand three hundred foreclosures filed during the first quarter of this year. From the month of March 2006, Colorado foreclosure consistently topped the list for a period of eight months and although the foreclosed home ranking fluctuated since November 2006, Colorado foreclosure has never fallen below fourth rank on the top ten lists of highest foreclosures in the country.

According to Associated Press, a State survey reveals an astonishing figure of around nine thousand three hundred foreclosures during the first quarter of this year, logging Colorado state with a twenty five percent increase in foreclosures by the end of this year.

According to a report generated by the Colorado Housing Division, many public trustees in fifty of the state’s sixty-four counties accounted around nine thousand two hundred foreclosures during the first quarter of this year. That clearly indicates one foreclosure in every three hundred and eighty five homes.

The total foreclosures filed in Colorado during the first quarter were equal to one-third of total foreclosure filings made last year when there was a total foreclosure record of around twenty eight thousand and four hundred plus. According to the report, if the trend continued, the level of Colorado foreclosures would increase by 25 percent or 36,000 for the year 2007.

The highest number of foreclosures recorded along the counties Adam, Denver, Weld, Pueblo and Arapahoe. Weld County, in north Colorado recorded the highest foreclosure listings equaling one in every one hundred listings followed by Adams County in Denver metro with one out of every one hundred and twenty five homes in foreclosure.

Colorado foreclosures rates were reported lower in the western region, around Mesa County. The average quarterly foreclosure rate recorded one in every five hundred homes followed by Summit County with one in every hundred homes and thirdly La Plata County with one in every one thousand one hundred and twenty five homes. The Colorado foreclosure storm is still brewing and the final outcome is yet to be realized!

More Resources: