Denver Has Among Nation’s Lowest Foreclosure Rates

ATTOM Data Solutions, the nation’s most comprehensive aggregator of foreclosure data, reported last week that the number of foreclosure filings in the 3rd Quarter (July-September) of 2020 was down 12% from the 2nd Quarter and down 81% nationally from the same quarter a year ago. Denver was down 89% and Colorado was down 90%. Only three cities and four states recorded bigger year-over-year declines.

The combination of foreclosure moratoria and forbearance programs was a primary contributor to these drops, so the question on many people’s minds is whether we’ll see a flood of foreclosure filings when these programs end sometime in the coming months.

In a press release, Rick Sharga of RealtyTrac, a related company, is quoted as follows:

“We’ll certainly see more repossessions by lenders once the foreclosure moratoria have ended, but maybe not as many as people might expect. Given the record amount of homeowner equity – over $6.5 trillion – it seems likely that many homeowners in financial distress will opt to take advantage of strong demand among homebuyers and sell their property rather than risk losing it to a foreclosure auction.”

Author: Golden Real Estate, Inc.

Golden Real Estate is a prominent member of the Denver/Jefferson County real estate scene. Based in Golden, we service both Denver and Jeffco, representing both buyers and sellers. We're well known for Broker Jim Smith's weekly "Real Estate Today" column published in the Denver and Jeffco editions of the Denver Post's YourHub section each Thursday. The column also appears in several weekly newspapers and is archived at www.JimSmithColumns.com. We have nine agents, all of whom are Realtors and EcoBrokers. Our office is Net Zero Energy since December 2017, and several of us drive electrics cars. Known for our sustainable practices, we accept polystyrene (aka "Styrofoam") for recycling, keeping 200 cubic yards per year out of area landfills.

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