(Colorado) Foreclosure rates up, but national numbers better

[UpInArms]

http://denver.bizjournals.com/denver/stories/2005/03/28/story2.html

Foreclosure rates in Colorado, a lagging indicator for the state's economic health, closed higher in 2004 than the previous year and in contrast to improving trends nationally.

Colorado's overall foreclosure rate still remains slightly below national rates, however. The rate at which Colorado mortgages are foreclosed upon on one- to four-unit residential properties was 1.10 percent as of Dec. 31.

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One problem area with mortgages nationally has been loans insured by the Federal Housing Administration. Those loans have had higher foreclosure rates because private-mortgage insurance products have become very competitive with FHA loans, luring away better-quality customers from the FHA loan portfolio, according to Duncan.

"Foreclosure inventory for FHA set an all-time record," he said.

At the end of December, the rate of FHA loans in foreclosure was 2.67 percent nationally and 2.64 percent in Colorado.

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