The foreclosure inventory in Colorado got smaller during the first quarter of 2012 as the total percentage of mortgage loans in the foreclosure process fell to 1.95 percent. During the first quarter, the foreclosure inventory fell to the lowest level recorded since the fourth quarter of 2007. During the fourth quarter of 2011, 2.01 percent of all mortgage loans were in the foreclosure process.
According to the National Delinquency Survey,
released earlier this month by the Mortgage Bankers Association, 30-day
delinquencies were down year over year, falling from 2.17 percent to 2.03 percent.
foreclosure inventory in Colorado has fallen for five quarters in a row
following an uptick in the foreclosure inventory during the fourth
quarter of 2010.
The national foreclosure inventory
rate was 4.39 percent during the first quarter of 2012, continuing a
trend in which the national foreclosure inventory rate has been above
the Colorado rate since the fourth quarter of 2007.
As noted in an earlier post,
Colorado was 6th best in the nation for the percentage of loans that
are either in foreclosure or are 90 or more days delinquent.
first graph shows the foreclosure inventory rate for each quarter since
the fourth quarter of 2005. Colorado is in a generally downward trend
that began after the fourth quarter of 2009. It is important to note, of
course, that while Colorado is back to the foreclosure inventory rate
it experienced in 2009, 2009 was not a good year for real estate and
foreclosures, and the foreclosure inventory is still about than double what it was in 2005.
Foreclosure inventory rate:
1st Q 2012: 1.95
4th Q 2011: 2.01
1st Q 2011: 2.33
Most recent peak: 2.81, 4th Q 2009
1st Q 2012: 4.39
4th Q 2011: 4.38
1st Q 2011: 4.52
Most recent peak: 4.63, 1st Q 2010, or 4th Q 2010
During the fourth quarter of 2011, new 30-day mortgage delinquencies in Colorado were down year over year, falling from 2.17 percent to 2.03 percent.
the graph below, the 30-day delinquency rate is broken out by year and
by quarter. We can see that the 30-day delinquency rate for the first quarter of this year was the lowest first-quarter rate reported since 2008 when the rate was also 2.03 percent, and the first-quarter rate has now fallen for three years in a row.