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Colorado foreclosure rate again tops nation

By: AP
By: AP

A new report shows Colorado had the highest home foreclosure rate in the nation in June, for the sixth consecutive month.
Foreclosure.com said yesterday that Colorado had at least 5,900 active foreclosures -- one for every 280 occupied homes.
The Web site tracks foreclosures nationwide.
The report says the total number of foreclosures in Colorado fell by more than 1,000 or 18 percent, from January to June, but it wasn't enough of a decline to knock Colorado out of the top ranking.
Texas, Michigan, Ohio and Georgia had more foreclosures, but they had lower foreclosure rates because they have far more houses.
Earlier this week, county records showed foreclosures in Denver and six surrounding counties jumped by nearly 30 percent in the first half of 2006, compared with the same period last year.
Some officials blame loose lending practices and aggressive building for both the Denver-area and statewide foreclosure rates.
Colorado Attorney General John Suthers says so-called creative financing techniques such as interest-only loans, coupled with slow increases in home prices, are bigger factors in the foreclosure rate than fraud.


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