State fifth in U.S. in foreclosure rate
By John Rebchook, Rocky Mountain News (Contact)
Originally published 10:21 a.m., July 25, 2008
Updated 11:43 p.m., July 25, 2008
Colorado ranked No. 5 in the nation for its foreclosure rate, according to a RealtyTrac report released Friday.
One in every 129 Colorado households received a foreclosure filing during the second quarter. The U.S. average was one in every 171 households, according to the Irvine, Calif.- based firm.
There were 16,234 filings in Colorado in the first half, according to the report. Second- quarter foreclosure activity in Colorado was up more than 50 percent from the second quarter of 2007, but it was down 14.5 percent from the first quarter of this year.
The Denver/Aurora metropolitan statistical area was No. 23 in the nation, according to the report, with foreclosure activity up 44.7 percent from a year earlier. There were 10,829 foreclosure filings in the Denver area, or one out of every 95 households. Stockton, Calif., had the highest foreclosure rate among cities, with one out of every 25 households in foreclosure.
Nevada was No. 1 for states, with a foreclosure rate almost four times the national average. It was followed by California, Arizona, Florida and Colorado.
rebchookj@RockyMountainNews.com or 303-954-5207
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July 25, 2008
8:50 p.m.
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jlgraybill writes:
It just keeps getting better, doesn't it. And this is just the Subprime crisis. With the impending (and larger) Option Adjustable Rate and Alt-A rates resetting in 2009 through 2011, this thing isn't getting any better any time soon. I'd like to be a Pollyanna like the NAR, but I just don't think the "sun will come out tomorrow". Be careful if you hear any realtors or optimists telling you before then that we've hit bottom, because they're most likely selling something. The only thing that will help this mess is another government bail-out (which will cost us in the end), and looser lending standards which allow those people upside down in their Option Adjustable and Alt-A and even Prime loans the option of refinancing at a fixed rate. Otherwise, these foreclosure rates will continue or even increase, especially if exacerbated by increased unemployment, high energy prices, and stagflation. I wish I wasn't writing this...I'd much rather be snug in my appreciating house value of a few years ago. But I just don't see any differently right now. If anyone has cold hard facts to speak any differently, please present them...I'd like to get rid of this hangover.
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July 26, 2008
1:05 a.m.
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Outlaw writes:
I AM A REALTOR:
Just to get that out front right away.
There is no simple solution to the foreclosure mess.
It took a long time to get into it and it will take a long time to get out of it.
I have mixed feelings about any government involvement.
For the most part the lenders and the homeowners got themselves into this without any help.
HOWEVER!!!!
You knew the HOWEVER was coming;
TheGovernment cannot let a complete meltdown occur with Freddie Mac and Fannie Mae.
You will not see any more bail outs of Private mortgage companies like BearStearns in the future.
SO;
Government involvement in a high level with Freddie Mac and Fannie Mae will need to happen.
You get no input on this.
As for individual homeowners and lenders who played fast and loose with the rules; most will pay the piper( and they should) but some may skate.
It is kinda a situation where we all take it one for the home team.
No one really wins.
July 26, 2008
12:54 p.m.
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jbowen43 writes:
The way to keep from a total meltdown is to declare a moratorium on foreclosures right now. The main policy objective must be to keep folks in their homes. Subsidize them and restructure their loans. For too long the bankers have held sway and they are too dumb to understand that a vacant house is a loser not an asset. They don't deserve a bailout. For too long government policy has been directed towards helping the rich and screwing the poor. Well, it's time to start screwing the rich. They haven't been paying their way. Look at the "stimulus. Poor folks didn't get it. Why??
July 26, 2008
5:58 p.m.
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PMSXpress writes:
jbowen writes: Look at the "stimulus. Poor folks didn't get it. Why??
Single filers over (and I might have these numbers off a bit, cannot remember the details anymore) $75 K and joint filers over $150K didn't either. Why??? People below these figures are hardly "rich." Not sure where you're going with your point j.
July 26, 2008
8:50 p.m.
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KaySieverding writes:
Apparently there is a statistical connection between unscrupulous lawyers and sub prime loans. Maybe the failure to regulate attorneys in Colorado increased the rate of problem loans. Colorado lawyers act with impunity.