CONNECTICUT FORECLOSURE ACTIVITY DECREASES 7 PERCENT IN FIRST QUARTER

State Activity Down 23 Percent From Q1 2008

Monthly Activity Up 30 percent in March, Surges 36 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 5,876 Connecticut properties in the first quarter of 2009, a 7 percent decrease from the previous quarter and 23 percent below of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Connecticut reported 2,885 properties with foreclosure filings in March, a 30 percent increase from the previous month and 36 percent above its March 2008 total.

 

“Foreclosure activity in Connecticut was down significantly for the first quarter of 2009 and from the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is remarkable considering that its unemployment rate is hovering between 7 and 8 percent. Still, the state’s activity was up quite substantially in March both on a monthly and yearly basis, showing that it’s foreclosure crisis is not over yet.”

 

Connecticut ranked 27th in the country in total properties with foreclosure filings for the quarter. One in every 245 Connecticut housing units received a foreclosure filing during the month, the 15th highest state foreclosure rate in the nation.

 

New Haven County the single largest contributor to state total for the quarter

New Haven County led the state, reporting 1,746 properties with foreclosure filings. Fairfield County was second, reporting 1,556 properties with foreclosure filings for the quarter. Hartford County was third highest, reporting 1,289 properties with foreclosure filings. New London County registered the fourth highest total, documenting 397 properties with foreclosure filings. Fifth highest total was tallied in Litchfield County, where 278 properties with foreclosure filings were reported.

 

Windham County posts state’s top foreclosure rate in the state for first quarter

With one in every 180 housing units receiving a foreclosure filing — 1.4 times the state average — Windham County led the state with the highest county foreclosure rate for Q1 20009. New Haven County posted the second highest rate, with one in every 200 housing units receiving a foreclosure filing — 1.2 times the state average. Third highest rate was documented in Fairfield County, where one in every 225 housing units received a foreclosure filing during the month — 1.1 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Connecticut accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter  — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                            Connecticut Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Connecticut

0

4,256

16

461

1,143

5,876

245

-6.76

-23.01

 

 

 

 

 

 

 

 

 

 

Fairfield

0

1,176

4

105

271

1,556

225

-5.58%

-17.15%

Hartford

0

933

2

142

212

1,289

282

-10.98%

-28.75%

Litchfield

0

205

1

12

60

278

299

-17.51%

-22.56%

Middlesex

0

134

2

30

31

197

366

-5.29%

-23.94%

New Haven

0

1,198

4

157

387

1,746

200

-4.54%

-24.02%

New London

0

303

2

2

90

397

294

-16.77%

-18.65%

Tolland

0

114

0

11

27

152

369

33.33%

-29.95%

Windham

0

193

1

2

65

261

180

8.30%

-19.44%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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