Tuesday, July 3, 2012

Denver metro area with lowest foreclosure inventory among 25 metros

Corelogic released today its May 2012 report on completed foreclosures and foreclosure inventory. According to the report, the foreclosure inventory in the US was 3.4 percent of mortgages during May 2012, which was down 0.1 percent from May 2011. The year-to-year change and the overall percentage of loans in the foreclosure inventory are unchanged from April 2012.

In Colorado, the foreclosure inventory was 1.5 percent of all mortgages, making Colorado tied for the 7th-lowest foreclosure inventory rate in the nation. Only Montana, Alaska, Wyoming, North Dakota, south Dakota and Nebraska had foreclosure invetory rates that were lower. Colorado was tied at 1.5 percent with Texas, Missouri, Alabama, New Hampshire and West Virginia. During April 2012, the foreclosure inventory was 1.4 percent of all loans, and the state was tied for fourth-lowest inventory level.

Florida had the highest foreclosure inventory rate in the nation at 11.9 percent during April.

Corelogic listed the number of completed foreclosures in Colorado over the past 12 months at 19,289 which compares fairly closely with annual totals collected by the Colorado Division of Housing. There were 19,622 completed foreclosures during the 12 months of 2011, according to the state's figures. 

The Denver-Aurora-Broomfield area was again lowest among all metros in its foreclosure inventory during May. 1.5 percent of all loans with mortgages were in foreclosure in the Denver area.The highest rates were found in the Tampa and Orlando areas where the foreclosure inventory rates were 12.3 percent and 12.2 percent, respectively.