Colorado’s residential foreclosure rate surged more than any other state over the past year.
The share of homes with foreclosure filings in Colorado spiked more than 145 percent in October compared to the year before, significantly higher than the country’s 19 percent yearly increase.
Real estate data firm Attom provided The Real Deal with state-level residential mortgage foreclosure metrics. The company analyzed the share of properties in each state that had some type of foreclosure filing — including defaults, auction notices and bank repurchases — attached to them.
In Colorado, one in every 4,529 housing units was in some state of foreclosure, according to Attom’s figures. That was the 21st-highest foreclosure rate nationally.
The state that experienced the second-highest growth in foreclosure rate was Alaska, which has the second-lowest number of housing units in the country, after Wyoming. The share of properties with some type of foreclosure filing in Alaska climbed about 127 percent year over year. One in every 5,406 housing units in that state had such a filing in October, placing the state 27th in the country.
Indiana (-21.6 percent), the District of Columbia (-20.3 percent) and Connecticut (-19.7 percent) had the steepest drop in their foreclosure rates year over year.
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Just one state — South Dakota — had no change in its foreclosure rate. South Dakota, which has the sixth-lowest number of housing units in the U.S., also has the lowest foreclosure rate in the country, as one in every 26,594 housing units had a foreclosure filing.
The state with the highest foreclosure rate in October was Florida, where one in every 1,829 housing units was in foreclosure; its rate had climbed about 72 percent year over year. South Carolina was second, with one in every 1,982 homes in foreclosure.
Nationwide, one in every 3,871 homes was in foreclosure in October, according to Attom. This represented a 19 percent year-over-year increase, as well as a more than 3 percent month-over-month spike. Completed foreclosures across the country surged 32 percent year over year, and lenders initiated foreclosure proceedings on 20 percent more properties compared to the same time last year.