CONNECTICUT FORECLOSURE ACTIVITY DECREASES 41 PERCENT IN FEBRUARY

Yearly Total Up 49 Percent From February 2007

 

IRVINE, Calif. – Mar. 26, 2008 – Connecticut reported 2,198 properties with foreclosure filings in February. After a 113 percent increase in January, statewide activity decreased 41 percent for the month but is still 49 percent ahead of the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although Connecticut foreclosures declined in February, the numbers are up from this time last year by nearly 50 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home sales in the state declined further than the national average last year. This is factor is contributing to the overall rise in foreclosures.”

 

Connecticut ranked 23rd in the country in total foreclosures for the month. With one in every 648 Connecticut households receiving a foreclosure filing, its foreclosure rate was 14th among the 50 states.

 

Hartford County reports most foreclosure activity in the state

Hartford County reported 617 properties with foreclosure filings, the most of any county for the month. Fairfield County was second, reporting 593 properties with foreclosure filings, followed by New Haven County with 567 properties with foreclosure filings. New London County came in fourth, reporting 124 properties with foreclosure filings, followed by Windham County reporting 94 properties with foreclosure filings.

 

Highest foreclosure rate reported in Windham County

With a rate of one in every 490 households receiving a foreclosure filing — 1.3 times the state average and 1.1 times the national average — Windham County reported the highest county foreclosure rate in the state for February. Second highest was posted in Hartford County where one in every 584 households received a foreclosure filing —1.1 times the state average, followed by Fairfield County where one in every 585 households received a foreclosure filing. Fourth was New Haven County with a foreclosure rate of one in every 612 households receiving a foreclosure filing, followed by Litchfield County with one in 915 households receiving a foreclosure filing.

 

State contributes 1 percent to nation’s monthly total

Total foreclosure filings in Connecticut accounted for 1 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. The nation’s foreclosure rate increased to one in every 557 U.S. households receiving a foreclosure filing for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Connecticut Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Connecticut

0

5

219

1,939

35

2,198

648

0.86

n/a

 

 

 

 

 

 

 

 

 

 

Fairfield

0

0

73

510

10

593

585

0.95

1.11

Hartford

0

2

67

540

8

617

584

0.95

1.11

Litchfield

0

0

5

84

1

90

915

0.61

0.71

Middlesex

0

0

5

50

1

56

1,269

0.44

0.51

New Haven

0

1

55

505

6

567

612

0.91

1.06

New London

0

2

1

115

6

124

926

0.60

0.70

Tolland

0

0

10

47

0

57

961

0.58

0.67

Windham

0

0

3

88

3

94

490

1.14

1.32

               

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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