Comparison of unemployment, 2008 over 2007

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Unemployment is inching up. This will likely affect both vacancy rates (upward) and foreclosures (upward).

Source: Colorado Dept of Labor and Emp.

New Foreclosure Hotline Performance Report

What happens to people who meet with the Hotline's housing counselors? Find out here.

For some, mortgage payments are a lower priority

According to Becky Hurley's report in the Colorado Springs Business Journal (Oct 31, 2008):

Faced with falling behind on home loans, credit card payments or car loans, borrowers are more likely to let their mortgages slide than the other kinds of debt, according to a study conducted by Equifax, a consumer credit rating agency...

[According to a recent study, m]ortgage payments, Equifax found, continued to slide down the list of priorities...

Of those in the 2005 sample who fell behind on their mortgages, 38 percent were current on credit-card payments and 62 percent made all their car payments.

3rd Quarter Vacancy Rates

The latest Colorado vacancy and rent survey is now available.

The full report is available here.





AMI= Area Median Income. The 30% AMI units are the most heavily subsidized and serve the lowest-income residents.


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New Foreclosure Statewide Report - 3rdQ 2008

Here is the FULL REPORT.

Here's the full posting at the Colorado Division of Housing.

Completed foreclosures down 14 percent since 2007

Completed foreclosures are set to end the year down from 2007. There were 14 percent fewer completed foreclosures during the period ending September 30th, 2008, than during the same period last year. According to a report released today by the Colorado Department of Local Affairs - Division of Housing, there were 9 percent fewer completed foreclosures during the third quarter this year than during the third quarter of 2007. However, completed foreclosures jumped 66 percent from the second quarter to the third quarter.

There were 6,454 new completed foreclosures during the third quarter of 2008, bringing the total for the first three quarters of the year to 16,246. There were 19,025 completed foreclosures during the same period last year. There were 25,320 completed foreclosures during the full year of 2007 which was a 40 percent increase over 2006. The Division’s report predicts a decrease of 13 percent for foreclosures during 2008.

Foreclosure rates in Colorado

Note that a larger number here means a small foreclosure rate. The foreclosure rate is very low in La Plata County where there are more than 900 households per foreclosure, but the rate is very high in Adams County where there are slightly more than 50 households per foreclosure.

For full data, see the statewide 3rd Q foreclosure report released December 4.

Foreclosure Rates by County - 3rd Q 2008

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Completed Foreclosures 2008 (estimate)

Completed foreclosures. We estimate approximately 22,000 for 2008.
Source: public trustee offices