Colorado foreclosure rates have dropped over the last year, but they are still among the highest in the country, according to a a recent report by the Denver Business Journal, which cited figures released by RealtyTrac.
The report outlines a nearly 30 percent decline in the number of foreclosures filed in 2010 compared to 2011. But still, our state is ranked 9th in the nation for the most foreclosures.
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The Journal's report indicates that there were nearly 40,000 foreclosure filings last year - or one for every 56 housing properties in the state.
That's a staggering figure.
Perhaps more encouraging is that in December, there were roughly 3,500 foreclosure filings, or an average of 1 property for every 620 - a 7 percent decline from November.
Nationally, the numbers appear to be falling at a faster clip. The Journal reported that there were 1.9 million properties foreclosed on across the country last year, representing a 34 percent drop from the year before and the lowest number of filings in five years.
But as RealtyTrac's CEO told the Journal's reporter, the dip in foreclosures likely has more to do with legal entanglements than an improved economy.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” Moore told the publication.
He added that a lack of clarity with regard to much of the documentation, as well as legal issues that plague the foreclosure industry, means that the entire process is dysfunctional and inefficient.