Colorado remains among US foreclosure hotspots

Colorado is still among US states experiencing a wave of foreclosures and presenting unique opportunities to investors, with filings up 23 per cent. A total of 11,630 new foreclosure filings were made between January and March, up from 9,443 in the same period of 2007.

Adams County in the state had one foreclosure filing for every 86 households during the first quarter of 2008, while Weld County had one foreclosure filing for every 102 homes. The data from New Foreclosure Online suggests Colorado is the latest state to present the chance for people to grab a cut-price property investment as the sub-prime crisis in the US continues to have an impact.

The site said:

“When it comes to the sale of foreclosure homes, Colorado also saw an increase of five percent compared to the number of sales at auction in the first quarter of 2007.”

However, there are not as many homes up for grabs in the state as there now are elsewhere, according to other figures. The state is now seventh overall in the US table of foreclosure rates, according to RealtyTrac figures published by the Denver Business Journal, down from fifth in April.

Nevada currently weighs in as the US state with the highest foreclosure rate, according to the same statistics.