Colorado Remiains High in National
Foreclosure and Fraud Rankings
According to an article released by the Associated Press
on January 24, 2006, Colorado ranks number two in the nation in the
number of property foreclosures in 2005. A new report released
Monday by Realty Trac reports that 29,630, or 1.62 percent of Colorado
households entered into some stage of foreclosure during the past
year. Colorado ranks second only to Florida where 1.67 percent of
that state’s homeowners entered into foreclosure proceedings. In
the article, Pete Lansing, President of Universal Lending Corp., states
that part of the reason for Colorado’s high ranking is the slow rise in
home values. Lansing explains, “If you can’t liquidate your property
because you’ve either borrowed too much against it or the value has
gone down, foreclosure is your only alternative.” Other
contributors to Colorado’s high foreclosure ranking are the instability
in the current job market and the incidence of mortgage fraud.
Colorado remains listed as one of the top ten hot spots for mortgage
fraud in the nation.
