Foreclosure rates in Colorado Springs decreased a tenth of a percent for the month of October over the same period last year, but jumped slightly (0.03 percent) compared to September, according to newly released data from CoreLogic, a data and analytics company.
“The rate of Colorado Springs area foreclosures among outstanding mortgage loans was 0.63 percent for October 2015, a decrease of 0.13 percentage points compared with October 2014 when the rate was 0.76 percent,” according to a CoreLogic news release.
The mortgage delinquency rate also decreased in Colorado Springs. According to October data, 2 percent of mortgage loans were 90 days or more delinquent compared with 2.4 percent for the same period last year, a decrease of 0.4 percentage points.
Data indicates the foreclosure rate will be significantly lower entering 2016 as compared to the start of 2014, where the foreclosure rate did not dip below 0.8 percent until July 2014. The foreclosure rate saw nearly a tenth of a percent drop between January and February 2015 and it has not risen above 0.7 percent since.
Additionally, Colorado Springs’ 90-day delinquency rate (a measurement of the percentage of loans more than 90 days delinquent, including those in foreclosure and real estate owned) in October was 2 percent, significantly higher than the state’s rate of 1.34 percent, but still well below the national average of 3.35 percent. The 90+ day delinquency rate, however, was down across the board compared to October 2014, with the national average falling more than three-quarters of a percent in a year.
The city’s foreclosure rate at 0.63 percent is also considerably higher than the state average of 0.39 percent, but both fall below the national average of 1.2 percent.