Delinquencies and foreclosures
Only 2.1 percent of all mortgage loans in Colorado were noncurrent
as of this past October, according to Black Knight. This was the lowest
percentage of any U.S. state, and less than half the national rate of
5.1 percent. Noncurrent loans are those in any stage of delinquency
or foreclosure. The percentage of Colorado loans in foreclosure as of
October 2017 was just 0.2 percent, which was less than a third of the
0.68 percent national average.
Foreclosure activity (auctions and REOs) has been declining in Colorado since third-quarter 2010 when it peaked at 16,315 filings, according
to Attom Data Services. Foreclosure activity remained above 10,000 filings through third-quarter 2012, but fell to 3,304 by third-quarter 2013.
Just 1,623 Colorado mortgages were touched by foreclosure activity
this past third quarter.
Colorado’s unemployment rate peaked at 8. 9 percent for two months
in September and October of 2010 during the aftermath of the Great
Recession, according to the U.S. Bureau of Labor Statistics. The U.S. unemployment rate had peaked a year earlier at 10 percent, but still stood
at 9. 4 percent in October 2010. Colorado’s unemployment rate remained
above 8 percent for another 20 months after its peak and took almost a
year after that to drop below 7 percent, which it did in April 2013.
As of this past October, Colorado’s unemployment rate stood at 2.7 percent, the 10th month in a row that it was below 3 percent. This was the
third lowest rate in the nation. Only North Dakota and Hawaii had lower
unemployment rates. The national rate this past October was 4.1 percent,
which exceeded Colorado’s unemployment rate by 1.4 percentage points.
Sources: Attom Data Solutions, Black Knight, Bureau of Economic Analysis, Colorado
Association of Realtors, ColoradoSprings.gov, Colorado Springs Visitor Information Center,
Colorado Secretary of State, CNBC.com, Denver 7, Denver Business Journal, Denver Metro
Area Association of Realtors, Forbes, Leeds School of Business, livability.com, Loveland-Berthoud Association of Realtors, Loveland Chamber of Commerce, movoto.com,
Pikes Peak Association of Realtors, State Symbols USA, U. S. Bureau of Labor Statistics,
U. S. Census Bureau, U. S. News and World Report
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
At 6,035 feet of elevation in the foothills of Pikes Peak, Colorado
Springs is actually higher than the Mile High City. The second-largest Colorado city — with a metro area population of more than
700,000 people — is home to both the U.S. Air Force Academy and
the U.S. Olympic Training Center. More than 5 million people visit
Colorado Springs each year. Those who stay enjoy the metro area’s
2.7 percent unemployment rate and $280,000 median home value
( 27. 5 percent below the state median as of this past October).
This small city of 77,000 people about an hour north of Denver is
frequently found on lists of best places to live in Colorado. Perhaps
it’s the 300 days of sunshine, the beautiful scenery in the foothills of
the Rocky Mountains or the 300 pieces of art scattered throughout
the city that make Loveland a great place to live. Or perhaps it is the
low unemployment rate (2.1 percent as of this past September) and
high median home value ($326,000 in 2016) that attract people to
The Mile High City is No. 4 on the Forbes list of Best Places for Business
and Careers. Denver is more than just the state capital and most populous city in the state. It also is the hub of Colorado’s vibrant economy.
The Denver metropolitan area accounted for nearly $200 billion of the
state’s $322 billion GDP in 2016. The metro area’s median household
income clocks in at $64,278 and its unemployment rate as of this past
September stood at 2.2 percent. The median price for a single-family
home in Denver was $405,000 this past November.
3 Cities to Watch
Colorado Foreclosure Filings
Source: Attom Data Solutions