Colorado among lowest in foreclosure inventory

Colorado is tied with four other states for the lowest foreclosure inventory in the nation, according to the latest data from CoreLogic.

In Colorado, only 1.4 percent of all mortgages were in foreclosure in April. Missouri, Virginia, Montana and South Dakota also have 1.4 percent foreclosure inventories. Only North Dakota, Wyoming and Nebraska had lower rates.

The Denver metro area in April had the lowest rate of any metro in the country at 1.4 percent.

According to a report by Lender Processing Services, the percentage of non-current loans decreases faster in states with non-judicial foreclosures than states with judicial foreclosures. Colorado is a non-judicial foreclosure state, using a public trustee to process foreclosures.

A judicial foreclosure is required to be processed through a state’s court system.

The foreclosure inventory rate for the nation in April was 3.4 percent, down 0.1 percent from the previous April. This number approximates to 1.4 million homes. Florida had the highest rate in the nation at 12 percent.

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