The State of Foreclosures in Colorado

Going by the end of year 2013 statistics, Colorado was ranked number 10 state with the highest number of foreclosures. In the year 2012, the state was at position 7 making a decline in the rate of foreclosures within the city. Despite the reduction in the number of foreclosures within the state, many homeowners still worry about the high rates when compared to the national general rate.

The highest counties with rate of foreclosures were Delta County, El Paso County, Jefferson County, La Plata County, and Weld County respectively. Statistics had indicated that 1 in very 50 residential properties were nearing foreclosure. However, the other states the rate of foreclosure were low in the whole of the year. This was a reduction in these states when compared to the previous years in terms of rates of foreclosures.

An Increase in Foreclosures

According the end year statistics, about 5 percent of the residents of the above 5 counties had filed cases against the foreclosures leading to the increase experienced within the State. The evidence that proves an increase in the foreclosure activities is definitely the evidence of the decline in position of the State in the national ranking. For instance, the rate of foreclosure has increased in the Delta County, El Paso County, Jefferson County, La Plata County, and Weld County by 4 percent, 4.5 percent, 2.5 percent, 3.6 percent and 4 percent respectively. This averaged to 4 percent in all the counties. Most importantly, the scheduled auctions also increase by 25 percent at the same time bank repossessions increased to 35 percent from 2012. This remarkable increased was experienced in all the 52 counties across Colorado. Bank repossessions, new case filings and Scheduled auctions are among the new different foreclosure activities that exists within the Colorado that press homeowners.

By the end of the year, Colorado had moved to position 10 in terms of the number of foreclosures making it one of the States with highest number of foreclosures within a given year. Experts have also warned that if this continues, there might be market crisis within the state. However, many homeowners within the state have also started the process of repossessing their homes. This is likely to reduce the level of foreclosures at the end of the year, which will be good to the economy of the State.

While many investors still coming into the city to invest in real estate, the rate of foreclosures is likely to reduce by the end of the year. Many people have opt for foreclosures as one of the best ways to solve their financial commitment whenever they are solving these problems. The major cities in Colorado that still have the highest foreclosure rates are Denver, Fort Collins, and Colorado Springs. While the government is trying to resolve the problems caused by the crisis, things are likely to be better at the end of the year especially from the changes that exists in the market. For instance, the judges are speeding up foreclosure processes at the same time making sure that all the issues that deals with foreclosure are heard and determined before the end of the year.

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