Local foreclosure rates lower than national rates

Foreclosure rates in both Greeley and Fort Collins-Loveland increased in July over the same period last year, according to First American CoreLogic, but are still lower than the national foreclosure rate of 2.8 percent.

The rate of foreclosures among outstanding mortgage loans in the Greeley area in July was 2.3 percent, an increase of 0.7 percentage points compared to July 2008, when the rate was 1.6 percent.

In the Fort Collins-Loveland area, the rate of foreclosures among outstanding mortgage loans was 1.1 percent for July, an increase of 0.5 percentage points over last July’s 0.7 percent.

The foreclosure rate for the entire state of Colorado was 1.6 percent in July, a 0.5 increase from July 2008’s 1.1 percent.

The mortgage delinquency rate also increased throughout the region in July. According to First American CoreLogic preview data, 5.7 percent of mortgage loans in Greeley were 90 days or more delinquent compared to 4.3 percent for the same period last year, representing an increase of 1.4 percentage points.

In Fort Collins-Loveland, 2.8 percent of mortgage loans were 90 days or more delinquent in July, compared to 1.8 percent for the same period last year, representing an increase of 1.1 percentage points.

Colorado’s mortgage delinquency rate for July was 4.1 percent, a 1.2 percentage point increase over last July’s 2.9 percent.

The only figure to show a decrease statewide as well as in Weld and Larimer counties was the rate at which real estate reverted to bank ownership. In Greeley the REO rate dropped by 0.6 percent from July 2008 to July 2009, from 1.1 percent to 0.5 percent. In Fort Collins-Loveland, the drop was less dramatic — from 0.3 percent to 0.2 percent — while in the entire state the decrease was 0.4 of a percentage point — from 0.7 percent to 0.3 percent.

Foreclosure data for First American CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which removes paid-in-full mortgages from the equation.

on Facebook on LinkedIn