According to the National Delinquency Survey, released today by the Mortgage Bankers Association, 30-day delinquencies were flat year over year. During both the fourth quarter of 2010 and the fourth quarter of 2011, 2.44 percent of all mortgage loans in Colorado were 30-days delinquent.
The foreclosure inventory in Colorado has fallen for four quarters in a row following an uptick in the foreclosure inventory during the fourth quarter of 2010.
The national foreclosure inventory rate was 4.38 percent during the fourth quarter of 2011, continuing a trend in which the national foreclosure inventory rate has been above the Colorado rate since the fourth quarter of 2007. The national percentage of loans in foreclosure increased slightly from 4.63 percent during the fourth quarter of last year.
As noted in an earlier post, Colorado was 7th best in the nation for the percentage of loans that are either in foreclosure or are 90 or more days delinquent.
The first graph shows the foreclosure inventory rate for each quarter since the fourth quarter of 2005. Colorado is in a generally downward trend that began after the fourth quarter of 2009. It is important to note, of course, that while Colorado is back to the foreclosure inventory rate it experienced in 2009, 2009 was not a good year for real estate and foreclosures, and the foreclosure inventory is still about double what it was in 2005.
Foreclosure inventory rate:
Colorado:
4th Q 2011: 2.01
3rd Q 2011: 2.1
4th Q 2010: 2.53
Most recent peak: 2.81, 4th Q 2009
US:
4th Q 2011: 4.38
3rd Q 2011: 4.43
4th Q 2010: 4.63
Most recent peak: 4.63, 1st Q 2010, or 4th Q 2010
30-day delinquencies
During the fourth quarter of 2011, new 30-day mortgage delinquencies in Colorado were flat year over year at 2.44 percent.
In the graph below, the 30-day delinquency rate is broken out by year and by quarter. We can see that the 30-day delinquency rate is tied at the second-lowest rate reported during the fourth quarter since 2006. Nevertheless, 30-day delinquency rates have not shown significant declines in recent quarters. The 30-day delinquency rate fell year over year during the third quarter of 2011, but it rose year over year during the second quarter of 2011. Coupled with the fourth quarter's flat year over year change, the data suggests that new delinquencies, while declining, are doing so at a very slow overall rate.
We also can note that the the third third and fourth quarters tend to have the highest delinquency rates when compared to other quarters.
