Real estate property tracking firm RealtyTrac Inc. has released data showing the number of Colorado foreclosure homes rose 23% in October 2008 from September. The figure fell slightly by almost a percentage point from October 2007. Colorado is ranked as No. 5 in the list of US states with the highest rate of foreclosed homes. Homebuyers and home investors know that there are always more than enough Colorado foreclosure homes available for sale.



In 2008, the volume of Colorado foreclosure homes ranked as No. 5 nationwide in April. In the months that followed, the state's ranking fell to No. 7 in the months of May and June, then to No. 8 in July to August and No. 10 in September. As mentioned, the state rebounded to fill the fifth spot once again in October.

Data from RealtyTrac showed that before the current credit and housing crisis, foreclosure was already a problem in the state. In fact, for nine months in year 2006, the volume of Colorado foreclosure homes was the highest in the US. In 2007, Nevada overtook the spot, which up to now is still held by it.

Mortgage delinquencies in Colorado are still among the top problems. The US Mortgage Bankers Association acknowledges the fact that more homeowners with mortgages are at risk of defaults or are already manifesting signs of imminent delinquencies. Thus, the number of Colorado foreclosure homes is set to remain high for some time. This may be a streak of bad news for the state's housing industry, but it is definitely party time for prospective and opportunistic homebuyers and home investors, who are always on the lookout for cheaply priced assets.