RealtyTrac: Colorado, Greeley foreclosure rates among nation’s highest

IRVINE, Calif. – RealtyTrac rated Greeley No. 17 on its list of the nation’s metro areas with the highest foreclosure rates at the midpoint of 2011, while Colorado ranked No. 9 among the 50 states.

Greeley was the only Colorado city on RealtyTrac’s top 20 foreclosure metros list. California, Nevada and Arizona cities accounted for all top 10 metro foreclosure rates and 15 of the top 20 during the first half of 2011.

The report said the Greeley metro area had 1,925 foreclosure filings during the first six months of 2011. That amounted to 2.04 percent of the area’s total housing units, or a rate of one foreclosure filing for every 49 housing units.

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On the positive side, the RealtyTrac report showed the foreclosure rate in Greeley was down by 17.52 percent compared to the first six months of 2010.

Fort Collins-Loveland ranked No. 79 out of the 211 Metropolitan Statistical Areas tracked by the company, with a foreclosure rate of 0.87 percent or 1 in 115 housing units in some foreclosure. Denver-Aurora was No. 42 with 1.29 percent; Colorado Springs No. 64 with 1.16 percent, and Boulder No. 120 with 0.67 percent

For the nation as a whole, 84 percent of U.S. metro areas posted lower foreclosure rates in 2011’s first half, according to the report.

“Foreclosure activity continued to slow in the first half of 2011, especially in the foreclosure-saturated markets and in markets where the judicial foreclosure process is used,´ said James Saccacio, RealtyTrac CEO.

“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings and sometimes by both,” he added.