Connecticut Foreclosure Activity Decreases in May

Total foreclosure filings statewide down 49 percent from April.

 

Foreclosure activity in Connecticut fell in May to 1,106 properties with foreclosure filings, a 49 percent decline from the previous month and 32 percent below the level reported in May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity declined significantly in Connecticut in May, even with the state’s unemployment up to 8 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, if the state’s joblessness continues to rise, we expect to see additional foreclosures in the coming months.”

 

Connecticut ranked 30th in the country in total properties with foreclosure filings for May. One in every 1,301 Connecticut housing units received a foreclosure filing during the month, ranking 33rd among the 50 states.

 

New Haven County tops in foreclosure activity for May

New Haven County led the state, reporting 334 properties with foreclosure filings for the month. Second highest total was in Fairfield County, where 283 properties with foreclosure filings were reported. Hartford County had the third highest total, reporting 238 properties with foreclosure filings, followed by New London County, where 58 properties with foreclosure filings were tallied.

 

Windham County posts state’s highest foreclosure rates for May

With one in every 886 housing units receiving a foreclosure filing during the month, Windham County posted the highest county foreclosure rate in the state. New Haven County had the second highest rate, with one in every 1,046 housing units receiving a foreclosure filing. Third highest rate was found in Fairfield County, where one in every 1,238 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Connecticut represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Connecticut

0

778

0

91

237

1,106

1,301

-49.13

-32.15

 

 

 

 

 

 

 

 

 

 

Fairfield

0

223

0

12

48

283

1,238

-47.10

-31.48

Hartford

0

171

0

17

50

238

1,528

-56.33

-32.19

Litchfield

0

30

0

9

12

51

1,632

-64.08

-20.31

Middlesex

0

32

0

8

5

45

1,604

-40.79

-30.77

New Haven

0

213

0

35

86

334

1,046

-46.56

-35.77

New London

0

43

0

0

15

58

2,010

-57.97

-51.67

Tolland

0

30

0

9

5

44

1,273

0.00

7.32

Windham

0

36

0

1

16

53

886

-23.19

-5.36

 

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