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January-March 2007 March 6, 2007 -- DENVER - Foreclosure statistics compiled by a national real estate data service are wildly at odds with numbers Colorado's top housing officials have assembled, a new state report shows. "We think foreclosures are a very serious issue in Colorado," Housing Division Director Kathi Williams told the Business Report Daily. "But the worst thing we can do is have this kind of misinformation out there." "We think it's important to the state to have a realistic number," Williams said. "The lenders look at the (RealtyTrac) numbers and laugh, because they don't match up with their portfolios. They certainly know what those numbers are." [. . . ] State Agency Says Foreclosures Not As High (AP)DENVER Foreclosures tracked by the state shows the number of people losing their homes have more than doubled since 2003, but isn't as high as previously reported, the Colorado Division of Housing said Tuesday. Between 2005 and 2006, foreclosures have increased 31 percent from 21,782 to 28,435 and are up 110 percent from 13,575 in 2003, according to a study of Public Trustee data by the Colorado Division of Housing. A widely cited report by a private firm estimated that foreclosures were up 85 percent since 2005. Foreclosure reports don't add upState reports 31% jump in '06; Calif. firm's figures differ By John Rebchook, Rocky Mountain News Colorado 's foreclosure crisis may not be as dire as a national report contends, according to a state report released Tuesday. The Colorado Division of Housing report shows there were at least 28,435 foreclosures in the state last year, a 31 percent increase from 2005. The report covers an estimated 95 percent of the foreclosures in the state. In contrast, a report from Irvine, Calif.-based RealtyTrac said Colorado, with 54,747 foreclosures last year, had the highest foreclosure rate in the nation. RealtyTrac said one in 33 houses in Colorado was in foreclosure last year, while the Division of Housing study shows one in 58. [. . .] "This is still a serious problem," Williams said. "But I do not think it is yet a record for the entire state. But it's No. 2 and could pretty easily become No. 1." [. . .] Colo. challenges foreclosure numbersThe Denver Business Journal - March 6, 2007Colorado foreclosures rose 31 percent between 2005 and 2006, and are up 110 percent since 2003, according to a study released Tuesday by the Colorado Division of Housing. [. . .] Colorado had 28,435 foreclosure filings in 2006, or one in every 58 households, according to state housing officials. That is far lower than the 54,747 foreclosures, or one in every 33 households, recorded by RealtyTrac, officials said. [. . .] The Division of Housing plans to continue to provide foreclosure data on a quarterly basis. It will release first-quarter 2007 data later this year, officials said. Foreclosures drag down neighborsFilings in state more than twice 2003's number By Aldo Svaldi Article Last Updated: 03/07/2007 07:10:32 AM MST Foreclosures in Colorado soared 31 percent last year and have more than doubled since 2003, depressing Front Range home values, a new foreclosure survey Tuesday from the Colorado Division of Housing says. "One foreclosure begets another foreclosure. You have to ride that wave out and try to do what you can to minimize the damage to neighborhoods," said Zach Urban, director of housing counseling with Brothers Redevelopment in Denver. There were 28,435 foreclosures recorded last year in the 43 out of 64 counties where the division obtained counts. Unless new homebuyers move to the state in unexpected numbers, the areas hardest hit by foreclosures will probably suffer home-price declines before recovering within 18 months to two years, said Kathi Williams, director of the division. Foreclosure rates advance
By JULIETTE FARDULIS |
A new statewide foreclosure study ranks Larimer County ninth in foreclosures, with a reported 1,253 filings in 2006. This figure is up from 974 in 2005. [. . .] Denver has the highest foreclosure rate in the state, with 5,162 filings in 2006. Forty-three of 64 counties reported data for the survey. In the Denver metro area, foreclosure rates ranged from 1 in 32 in Adams County to 1 in 144 in Boulder County. Boulder County reported fewer foreclosures per household than any other metro county. [. . .] "The most foreclosure activity is clearly on the Front Range of Colorado," said Kathi Williams, director of the Colorado Division of Housing. "In the central mountains and on the Western Slope, a continued high demand for housing makes it relatively easy for a homeowner to sell a home if unable to keep up with payments. On the Front Range and on the Eastern Plains, due partly to a large supply of for-sale housing, it is much more difficult to sell a home quickly." [. . .] McMaken said it is more likely that Colorado has experienced an increase of 31 percent in foreclosures since 2005 and that only the most impacted counties have foreclosure rates near 1 in 33. [. . .]The Colorado Division of Housing plans to continue counting foreclosure data from public trustees on a quarterly basis and will release data for the first quarter of 2007 later this year. |
State Official Gather New Foreclosure Data
GREELEY, CO (2007-02-22)
Top housing officials in Colorado are at odds over data that says the state ranked first in the nation for the number home foreclosures throughout much of 2006.
Doubting that the national ranking is accurate - the State Division of Housing has been crunching the numbers on their own. Northern Colorado Business Report editor Tom Hacker says the dispute boils down to the way one California-based company counts the data.
© Copyright 2007, KUNC
Colorado Searches for Detailed Foreclosure Data
Kerri Panchuk | 02.02.07 – DSNEWS
The Colorado Division of Housing is requesting more detailed information from public trustees and county treasurers in an effort to determine how many actual home foreclosures were completed in 2006, according to Ryan McMaken, a spokesperson with the division.
McMaken says a representative in his office is calling public trustees and asking them more directed questions with the intent of separating the actual number of home foreclosures in Colorado last year from the number of foreclosure filings that were later eliminated through measures of loss mitigation. McMaken estimates that approximately 20 to 40 percent of homes listed in the state's foreclosure filings are saved before going into actual foreclosure.
“What I am trying to get for 2006 is how many foreclosures were opened, how many were cured, how many were withdrawn, and how many actual foreclosure sales there were,” said McMaken.
[. . .]
NCBR Article
State challenges foreclosure data
By Tom Hacker
February 16, 2007 --
DENVER - A national data service's conclusion that Colorado's real estate foreclosure rate is the nation's highest is being challenged by state housing officials who are in the midst of a data-crunch of their own.
Monthly foreclosure statistics reported by RealtyTrac Inc., a California-based research company, during 2006 had put Colorado atop a list of all states, based on the number of foreclosures per household. While the latest RealtyTrac report, issued Feb. 12, puts Nevada in the top spot nationally, Colorado had ranked No. 1 for nine of the past 13 months.
[. . .]
Governor tackles mortgage problems
Says foreclosures 'hurt communities'
By John Rebchook, Rocky Mountain News
February 3, 2007
Gov. Bill Ritter said the state's chronic foreclosure problem hurts entire communities, not just those losing their homes.
Ritter doesn't have a detailed plan for how to curb the problem but acknowledged several measures in the works.
"This is a case where an ounce of prevention is worth a pound of cure," he said at a news conference Friday at the Capital.
A positive step was the creation three months ago of a public-private foreclosure hotline.
[. . .]
Since the hotline was launched in October, it has received about 8,400 calls, said Kathi Williams, executive director of the Colorado Division of Housing.
The hotline is being operated with no cost to the state. It has received about $450,000 from groups that include Freddie Mac, HUD, the Colorado Association of Realtors, the Colorado Mortgage Lenders Association, JPMorgan Chase Bank, U.S. Bank and Fannie Mae.
"The hotline is a national model," said Kirk G. Willison of Freddie Mac, who was in Denver this week.
[. . .]
Alliance steps us foreclosure help
By David Olinger
Denver Post Staff Writer
Article Last Updated: 02/03/2007 04:56:30 PM MST
A state agency and a private alliance of lenders, Realtors and other sponsors has raised almost $450,000 to improve counseling services to Colorado homeowners facing foreclosure.
At a news conference Friday, Gov. Bill Ritter expressed his concern about Colorado's high foreclosure rate and commended the partnership created to promote a state foreclosure hotline.
"We've read the headlines. We've seen the facts that are out there regarding Colorado's foreclosure rate," he said.
Colorado Governor Fights to Mitigate Foreclosures
Kerri Panchuk | 02.02.07
Colorado Governor Bill Ritter Jr. will be joining various state and local officials this afternoon to celebrate the success of his state's Foreclosure Prevention Task Force and 24-hour hotline. The media event, which is from 1:00-1:30 p.m., will precede an in-depth panel discussion featuring various government, corporate, and nonprofit presenters. The panel will focus its discussions around topics related to loss mitigation and foreclosure prevention.
During the statewide media event, Governor Ritter and state officials will encourage distressed homeowners to call the state's toll-free hotline (877.601.HOPE) for tips and counseling on foreclosure prevention. Since the release of a series of public service announcements across the state, traffic on the hotline has increased almost 100 percent. The success of the hotline will be another featured topic on the governor's agenda during today's media event. DSNews.com
Mortgage foreclosures increase 33 percent in county
By Steven Olson
Correspondent
The ugly truth about foreclosures in Larimer County is out--a 33 percent increase from 2005 to 2006.
Peggy Bauer of the Larimer County Public Trustee's Office said the figure for 2006 is 1,253 foreclosures compared with 939 in 2005. By late January, the office had tallied 81 for the new year, with an average of eight new filings a day, Bauer said.
Kefalas also said the Colorado Division of Housing has a toll-free number, 1-877-600-HOPE, which people can call for information and advice about avoiding foreclosure and what they can do when they are in foreclosure.
Task force, hotline eye foreclosures
Goal to ease state's rising default rate Feb 3
By LYNDSEY STRUTHERS
LyndseyStruthers@coloradoan.com
A task force hopes to curb soaring foreclosure rates in Colorado with a foreclosure hotline, an endeavor to connect borrowers with local housing counselors. |
[. . .]
Lenders misread Denver market
That's what an expert tells the Foreclosure Task Force at its first meeting. Buyers were put at risk as home prices rose.
By David Olinger
Denver Post Staff Writer
Article Last Updated: 01/26/2007 12:34:25 AM MST
The Denver Foreclosure Task Force meets Thursday at the City and County Building. City Council President Michael Hancock, left, helped create the panel to determine government's role in fighting foreclosure. (Post / Brian Brainerd )
Colorado suffers from a high foreclosure rate today partly because the national lending industry misread the Denver market, an economic-development expert told a Denver task force on foreclosures.
Lenders engaged in "parachute financing" throughout the West, swooping in, believing there was money to be made in fast-growing states with rising house prices, Tom Clark, a vice president of Metro Denver Economic Development Corp., said Thursday.
But while house prices continued to climb in cities such as Phoenix and Las Vegas, Denver already had the "highest house prices in the country for a city without a coastline," he said.
Kathi Williams, director of the state Division of Housing, warned that Colorado's foreclosure epidemic is far from over.
"We have over 37,000 loans delinquent in Colorado as of today," she said, including more than 10 percent of all subprime loans to higher-risk borrowers.
Homeowners' losses are others' gains
Profits from defaulted loans are soaring as lawyers, listing agents, property managers, investors and auctioneers get a piece of the pie.
By Aldo Svaldi and Greg Griffin
Denver Post Staff Writers
Article Last Updated: 12/26/2006 10:52:35 AM MST
Included this sidebar:
Mortgage Problems?
- Foreclosure Hotline: There are more than 25 government-approved, non-profit housing counseling agencies across Colorado that help homeowners in foreclosure or at risk of going into foreclosure. Counselors at these agencies help homeowners assess their options, contact and negotiate with lenders and get their finances back in order. To reach the counseling agency in your area, call Colorado's foreclosure hotline at 877-601-HOPE.
October 23-24, 2006 – Foreclosure Hotline Update
Greeley Tribune
“Foreclosure Hotline Already a Frequent Dial”
Denver Post
“Foreclosure hotline hums; 3,000 calls in first 2 weeks”
The Denver Business Journal
“Foreclosure hotline busy with calls”
Rocky Mountain News
“Foreclosure Hotline Hopping”
Pueblo Chieftain
“State foreclosure hotline among the nation's busiest”
CBS News4
“Foreclosure Hotline Fields 3,000 Calls In 2 Weeks”
Debt Servicing News - DSNews.com
“ Colorado Foreclosure Hotline Swamped with Calls”
The recently launched Colorado foreclosure hotline is being flooded with calls.
The hotline has received more than 3,000 calls since launching two weeks ago. In the first 24 hours after it launched, the hotline, 1-877-601-HOPE, received more than 1,300 calls, and calls continue pouring in. Foreclosure prevention counselors have worked overtime to keep up with the volume.
October 10-12, 2006 - Foreclosure Hotline Launch
NBC – 9 News, Denver
October 12
“ Colorado Launches Foreclosure Hotline”
Colorado has a new hotline, 1-877-601-HOPE, to help people going through foreclosure. State agencies, the Colorado Association of REALTORS, and JP Morgan Chase are helping to pay for it.
CBS Channel 11 News, Colorado Springs/Pueblo
October 12
“Foreclosure Hotline”
Colorado has a new hotline, 1-877-601-HOPE, to help people going through foreclosure. State agencies, the Colorado Association of REALTORS, and JP Morgan Chase are helping to pay for it.
ABC 7 News, Denver
“Colorado Launches Foreclosure Hotline”
The phone number is 1-877-601-HOPE, to help people going through foreclosure. State agencies, the Colorado Association of REALTORS, and JP Morgan Chase are helping to pay for it.
CBS4 Denver
“New Hotline Helps Families Facing Foreclosure”
Erika Lewis Reporting.
The Denver Post
“Colo. Launches foreclosure help line”
Rocky Mountain News
“Foreclosure Hotline offers HOPE”
Greeley Tribune
“Hotline offered to divert continued foreclosures”
Debt Servicing News – DSNews.com
“ Colorado Foreclosure Hotline Launches”
It's official. Colorado's new statewide foreclosure prevention hotline is open for business.
The hotline -- 1-877-601-HOPE (4673) -- was launched Tuesday morning. At least 65 housing counselors across Colorado are now taking calls, organizers say, along with some help from call centers based in other states. The aim of the hotline is to connect troubled Colorado borrowers with housing counselors in their area, so callers are instructed to enter their zip code and are then directed to the counselor nearest to their city.
Associated Press
“State to start hot line for homeowners with payment problems”
September 20, 2006
Colorado plans to open a counseling hot line next month to help residents who are trying to keep up with mortgage payments and prevent houses from falling into foreclosure.
Representatives from 30 nonprofit agencies that specialize in housing advice will staff the hot line, which is being announced amid a growing problem with foreclosures. Two online companies that monitor the housing industry ranked Colorado first in the nation for foreclosures in August.
Hot line counselors will offer assistance with financing and work with lenders to help homeowners keep their homes.
''The big problem we have and lenders have is that once a person gets behind on their mortgage, they stop taking calls from their lender and they don't answer the phone anymore and then they move out in the middle of the night,'' Kathi Williams, director of the Colorado Division of Housing said.
The state will open the hot line next month but the start date and the telephone number have yet to be announced.
The state has allocated $250,000 to start the hot line and will get contributions of $30,000 from the Colorado Association of Realtors and $5,000 from JP Morgan Chase.
The Denver Post
“Help for struggling homeowners”
September 20, 2006
Colorado , which leads the nation in foreclosures, will soon launch a hotline to provide struggling homeowners with valuable help.
Colorado will launch a hotline next month to connect struggling homeowners with counselors who can help them avoid foreclosure.
The new service comes amid a foreclosure epidemic in Colorado. The state has led the nation in mortgage-default rates for six months, according to industry monitor RealtyTrac. In August, one of every 301 households in Colorado were in foreclosure.
Thirty nonprofit housing counseling agencies across the state will participate in the hotline. Their counselors help homeowners assess their finances and negotiate with lenders to keep their houses. The state is trying to get lenders to help fund the hotline and to work closely with the counselors
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