AURORA | Foreclosure rates across the Denver-Aurora metro area continued to decline this summer, remaining well lower than the national average, according to a report from data and analytics company CoreLogic.
CoreLogic’s National Foreclosure Report, issued Friday, Oct. 9, howed that the foreclosure rate for the metro area in July was 0.31 percent, a 0.18-percentage-point decrease over July 2014.
The July number also marked the lowest foreclosure rate marks a second-straight months of declines in the local foreclosure rate, which had been trending downward the past 18 months.
Across the state, the foreclosure rate stood at 0.42 percent for July, down 0.16 percentage points from a year previous, when it was 0.58 percent.
The positive news on a further drop in the foreclosure rate was paired with a similar drop in the 90-day mortgage delinquency rate.
According to CoreLogic, the Denver-Aurora metro area mortgage delinquency rate dipped down to 1.19 percent in July, down 0.56 percentage points from a year ago, when it stood at 1.75 percent.
The deliquency rate measures the percentage of home loans that are more than 90 days delinquent, and includes foreclosures and real-estate owned properties.
Colorado as a whole also saw 90-day delinquencies fall to 1.43 percent for July 2015, down from 1.88 percent in July 2014 — a 0.45-percent-point decrease.
This past July had marked a break in a streak of consecutive months of increasing home sales, according to an August report issued by the Colorado Association of Realtors. The 4-percent drop, seen compared to June home sales, were still favorable to July 2014, and considered common.
That same report found the statewide median price of a single-family home fell by $5,000 in a month, down to $310,000; the median condo/townhome price fell to $215,100 from $219,700 in June.
“Low inventory continues to be a serious issue in all areas of the state … with fewer buyers in the market (in July) the real estate environment is not quite as competitive and homes are not selling as quickly,” the CAR report noted.