Denver-Aurora No. 49 for foreclosure rate

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Foreclosure activity in the Denver-Aurora area is very close to the national average, shows a mid-year report released today by RealtyTrac. Overall, the Denver-Aurora area was ranked No. 49 out of 206 metropolitan statistical areas tracked by RealtyTrac, which is based in Irvine, Calif.

The report showed 17,087 homes in some stage of foreclosure, ranging from the initial notice to the REO, or Real Estate Owned, when the bank acquires the home at a public trustee foreclosure auction. In the Denver area, 1.62 percent of the homes were in some stage of foreclosure, compared with 1.28 percent for the nation. One out of every 62 households was in some stage of foreclosure, while the national average was one out of 78. In the first six months of the year, the foreclosure rate rose by 9.3 in the Denver area, compared with an 8.26 percent for the nation.

Greeley’s foreclosure rate worse than Denver’s

Greeley was No. 29, with 2,334 foreclosures, a foreclosure rate of 2.58 percent, and one out of every 40 households in some stage of foreclosure. It matched the year-over-year percentage change of the nation as a whole, at 8.26%

The report also ranked Colorado Springs as No. 53 and Boulder at 136.

Across the country, 154 of the 206 MSAs with a population of at least 200,000, posted year-over-year increase in foreclosure activity, according to RealtyTrac. Four states — Florida, California, Nevada and Arizona — accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.

Recovery fragile

“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”

Top metro foreclosure rates

Las Vegas continued to post the nation’s highest metro foreclosure rate in the first half of the year, with 6.60 percent of its housing units (one in 15) receiving a foreclosure filing — more than five times the national average. A total of 53,525 Las Vegas properties received a foreclosure filing during the six-month period, a decrease of nearly 15 percent from the previous six months and a decrease of nearly 9 percent from the first half of 2009.

Foreclosure activity in the Cape Coral-Fort Myers, Fla., metro area decreased nearly 22 percent from the previous six months and was down nearly 30 percent from the first half of 2009, but the metro area still documented the nation’s second highest metro foreclosure rate — 4.98 percent of its housing units (one in 20) received a foreclosure filing during the six-month period. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 8 (4.15 percent of housing units) and Miami-Fort Lauderdale-Pompano Beach at No. 10 (3.89 percent).

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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