Colorado Foreclosure Statistics for 2023
- Insolvency cases rise by 595.2% in Colorado in the first half of 2022
- Foreclosure filings jumped 57% higher in October 2022compared to the last one year
- A rise in foreclosure by 255% from 2021 in Denver
- Foreclosure filings jumped 153% from October last year
- Foreclosure statistics increase by 104% from the past year
- 40.1% of Denver Colorado homeowners are likely to face eviction in the next two months
- Property sales drop by 37.7% over the years in Colorado springs
- 8.158% increase in foreclosure filings in Lake county
- According to a recent study by RealtyTrac, the foreclosure crisis that began in 2007 is finally coming to an end. In the fourth quarter of 2017, the number of U.S. properties with foreclosure filings – default notices, scheduled auctions, and bank repossessions – was down 18 percent from the same period in 2016.
- In Colorado, however, the picture is much bleaker. The state ranks sixth in the nation for the highest foreclosure rate, with one out of every 588 housing units receiving a filing in 2017. This rate was a 9 percent increase from 2016, when one out of every 639 housing units was affected.
- Additionally, the number of foreclosure auctions in Colorado is rising; they account for nearly two-thirds (62 percent) of all foreclosure activity within the state. While some counties have seen decreases in foreclosures, others face significant increases. For example, Weld County had an 82 percent jump in foreclosures from 2016 to 2017, and Eagle county had a 32 percent increase during that period.
More Denver Colorado Foreclosure Stats
Insolvency cases rise by 595.2% in Colorado in the first half of 2022
From 334 in the first half of 2021 to 2,322 in the first half of 2022, foreclosures in Colorado increased by 595.2%. The state has the 22nd-highest foreclosure rate in the country, with one in every 1,073 properties.
Foreclosure filings jumped 57% higher in October 2022 than last year.
After a brief but delicious decline in foreclosure rates in September, the year-long trend of rising files returned in October. The analysts at ATTOM Data Solutions estimate that 32,376 U.S. home units entered foreclosure in October 2022. This represents a significant 57% increase from one year earlier. However, it has increased by only about 2% since September.
Even while predictions of a recession and increasing inflation continue to dominate the news, foreclosure rates are far lower than before the epidemic. They probably won’t reach these “normal” levels until mid-2023. Why are there fewer foreclosures than in 2019 in such a rough economy? In stark contrast to the 3% rate it was at the same time last month, mortgage interest rates have been persistently hanging around 7% this past month.
A rise in foreclosure by 255% from 2021 in Denver
In September of this year, Denver made 398 new foreclosure files. The rate of foreclosures this year had increased by 255% from 2021, with three more months to go. Denver’s foreclosure rates have been falling for more than ten years. There were 8,240 foreclosures in Denver at the height of the late 2000s housing market meltdown. There have been at most 700 since 2015. As the home market slows due to record mortgage rates, Denver’s foreclosures follow a nationwide pattern.
Foreclosure filings jumped 153% from October last year.
The Midyear 2022 U.S. Foreclosure Market Report from ATTOM, a top national curator of property investment statistics for residential and commercial property data, states that 164,581 U.S. assets had foreclosure filings in the initial half of 2022, including default notifications, planned auctions, or liquidity injections. This number was down one percent from the same time frame two years ago but up 153% from the same period last year.
Foreclosure statistics have increased by 104% in the past year.
There were 92,634 U.S. assets with bank repossessions, including foreclosure filings, routine auctions, or bank repossessions, according to the Q3 2022 U.S. Foreclosure Market Report from ATTOM, a leading curator of real estate data nationwide for land and property data. This number is up 3% from the previous quarter and 104% from a year ago. 31,836 U.S. properties had foreclosure filings in September 2022, according to the data. The statistics indicate a rise of 62 % from September 2021 but down 8% from the month before.
A foreclosure or eviction might threaten the homes of 40.1% of Colorado citizens.
The latest U.S. Census Bureau report reveals that the number of Americans behind in rent or mortgage payments is increasing. The situation has become particularly problematic in Colorado, with data showing that 40.1% of citizens could face eviction or foreclosure in the next two months due to economic hardship caused by the pandemic. Renters have been hit hardest, with one out of every four reporting they risk losing their homes within the next two months.
Property sales have dropped by 37.7% over the years in Colorado springs.
The Colorado Springs housing market saw a 37.7% drop in property sales from the fall of 2021 to 2022, according to a report released by ATTOM Data Solutions. This decrease is one of the most significant drops among all major cities throughout the country during this same period. Pending sales decreased by 25.3% for single-family houses and -43.2% for townhomes/condos, while active listings increased by 122.7 percent. 2023 will be a challenging year, with the market expected to stay the same.
158% increase in foreclosure filings in Lake county
ATTOM Data Solutions recently released a report that showed a 158% increase in foreclosure filings in Lake County, Colorado, since the first half of 2021. Lakeside is one of the worst-hit areas, as 3 out of every 1,000 properties have received a filing this year. This area has been hit hard by the pandemic and its effects on the economy and housing market. Foreclosure rates are expected to remain high throughout 2023 as unemployment remains persistently high and mortgage interest rates continue to be elevated.
Foreclosure rates are expected to fall by mid-2023 as the home market improves due to the improving economy. In the meantime, homeowners should take the necessary steps to protect their homes and reduce their chances of foreclosure.