30-day delinquencies during the second quarter of 2013 were up from the first quarter of the year, hitting 2.51 percent during the second quarter. 2.51 percent is the highest rate for new 30-day delinquencies since the second quarter of 2011 when the rate was 2.54 percent.
The first graph shows 30-day delinquencies by quarter in Colorado since 2006. The 30-day delinquency rate for the second quarter was up compared to the second quarter of 2012, which was 2.38 percent.
The number of loans that were 90 days delinquent of more were down in Colorado, falling to 1.49 percent of all loans surveyed during the second quarter of 2013. The 90-day delinquency rate during the second quarter of 2012 was 1.87 percent, and it was 1.67 percent during the first quarter of 2013. The second graph shows the percentage of mortgage loans that were at least 90 days delinquent in recent years. The 90-day delinquency rate has been falling consistently in Colorado since the fourth quarter of 2009.
As can be seen in the second and third graphs, Colorado's foreclosure inventory and 90-day delinquency rates are well below the national rates. The U.S. 90-day delinquency rate during the second quarter of 2013 was 2.55 percent.
The U.S. foreclosure inventory rate was 3.33 percent during the first quarter of 2013.
Using the 90-day delinquency rate to compare Colorado to all other states, we find that Colorado had the ninth-lowest delinquency rate in the nation during the second quarter of 2013. The only states with lower 90-day delinquency rates were Vermont, Iowa, Minnesota, North Dakota, South Dakota, Montana, Wyoming and Alaska. The lowest 90-day delinquency rate in the nation was found in North Dakota where it was 0.55 percent, and the highest rate was found in New Jersey where it was 4.24 percent.
Delinquencies are measured by the MBA via surveys sent to major loans servicers. The MBA estimates it covers 88 percent of all first-lien residential mortgage loans outstanding in the US with the survey.