Saturday, November 17, 2007

Foreclosures No Longer Over-Reported

by Osman Parvez
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As you know, the Colorado Division of Housing became alarmed last year by the high rate of foreclosures being reported in the media. Turns out, the reports were grossly exaggerated. The source of the data was double and triple counting foreclosures (when first filed, when at auction, and when lender owned).

As posted previously, I noticed a strong dip across the board in foreclosures recently. Yesterday, I got confirmation from Kathi Williams, the Director of the Division of Housing. Apparently the data discrepancy is all cleaned up now.

And not coincidentally, we're off the top 10 list of foreclosure states.

From the Rocky Mountain News:
The Denver area finally is off a top 10 list it never wanted to be on. The metro area ranked No. 12 out of the top 100 markets for its foreclosure rate in the third quarter, according to a report released on Wednesday by California-based RealtyTrac.

Top foreclosure markets in third quarter Metro area Filings Percent change (Q3 2007 from Q2 2007 from Q3 2006)
1. Stockton, Calif. 7,116 31.6 percent 465.3 percent

2. Detroit 25,708 91.7 percent 93.4 percent

4. Fort Lauderdale, Fla. 16,595 89.8 percent 127.4 percent

5. Las Vegas 14,948 28.7 percent 200.3 percent

6. Sacramento, Calif. 15,479 34.4 percent 408.0 percent

8. Miami 15,484 42.7 percent 82.0 percent
9. Bakersfield, Calif. 3,947 73.4 percent 361.4 percent
10. Oakland, Calif. 13,245 71.0 percent 268.8 percent
11. Akron, Ohio 3,992 11.4 percent 128.0 percent

12. Denver-Aurora 13,179 3.6 percent 28.3 percent


p.s. Foreclosure update coming shortly. Also, I have no clue why the RMN arbitrarily chose to skip certain cities (#3, #7, and #10). Bizarre.


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