Serious mortgage delinquencies fell in Colorado from the fourth quarter of 2013 to the first quarter of 2014, according to the Colorado Division of Housing. Mortgage delinquencies of 90 days or more fell to 1.3 percent in the first quarter, down from 1.5 percent to close out 2013.
Colorado's figure edged out the national 90-day delinquency rate of 2.39 percent in the first quarter of 2014.
Short-term delinquencies fell as well, with 30-day delinquencies falling to a nine-year low in the first quarter of 2014—the lowest level recorded in any quarter since 2006. The study's author, Ryan McMaken, noted, "During the first quarter of 2014, 1.71 percent of loans in Colorado were 30-days delinquent. The rate was 2.12 percent during the 4th quarter of 2013, and it was 2.18 percent during the first quarter of 2013."
The Colorado Division of Housing also found that foreclosures were another bright spot for the state, which experienced a decline along with delinquency rates in the first quarter. In total, Colorado's foreclosure inventory dropped to 0.94 percent during Q1 2014, falling slightly from Q4 2013's rate of 0.96 percent. Year-over-year foreclosure rates declined as well, falling from Q1 2013's rate of 1.38 percent.
The U.S. foreclosure inventory was 2.65 percent during the first quarter of 2013.
The study noted that both foreclosure inventory and 90-day delinquency rates are "well below the national rates."
"Using the 90-day delinquency rate to compare Colorado to all other states, we find that Colorado had the sixth-lowest delinquency rate in the nation during the first quarter of 2014. The only states with lower 90-day delinquency rates were North Dakota, South Dakota, Montana, Wyoming and Alaska," McMaken commented.
He continued, "The lowest 90-day delinquency rate in the nation was found in North Dakota where it was 0.49 percent, and the highest rate was found in Mississippi where it was 4.2 percent."