Monday, June 4, 2012

DENVER HAS LOWEST DELINQUENCY RATE OF ANY MAJOR CITY IN THE UNITED STATES

Real estate research firm CoreLogic has released its spring 2012 report on mortgage delinquencies, and its findings are great news for Colorado:  Denver has the lowest mortgage delinquency rate of any of the 25 largest cities surveyed for the report.

In both the Denver metro area and the entire state of Colorado, only 1.4 percent of all homes with mortgages were in foreclosure, which generally means that three or more consecutive payments have been missed.  Only four states reported lower delinquency rates – North Dakota, Nebraska, Alaska and New Jersey. 

Chicago had the highest foreclosure rate of the 25 cities surveyed, with 6.4% of all mortgages in foreclosure. 

The spring report is a far cry from just a few years ago, when Colorado actually led the nation in foreclosures per capita during 2005 and 2006.  It certainly appears that we have worked through the cycle, and as report after report declares the Denver metro area to be a seller’s market, there are expectations of much better days ahead.