It was reported this week that there 14% fewer foreclosures completed in Colorado in the first 9 months of the year compared to the first 9 months of 2007. This is the first time we have seen a year over year decline since 2003. Yeah!
Kathi Williams, Director of the Colorado Division of Housing, said she is "cautiously optimistic about the future."
Second, this week TransUnion reported the delinquency rate on mortgages throughout the country as of September 30th. They define their delinquency rate as at least 2 months behind.
In Colorado our delinquency rate is 3.38% which is 15% below the national average of 3.96%. On average the national delinquency rate is normally around 2%; but has risen considerably in the last 18 months.
As I have said I believe Colorado will be one of the states to Lead our country out of this housing abyss as so often our market is counter-cyclical to the rest of the country.