CONNECTICUT FORECLOSURE ACTIVITY DOWN 1 PERCENT IN JUNE

Foreclosure Activity Declines 32 Percent From June 2007

 

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 1,623 Connecticut properties in June, a decrease of less than 1 percent from the previous month and 32 percent below the level reported for June 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 1.5 million properties from over 2,200 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.

 

“Foreclosure activity is improving slightly within the state, especially as compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding 3,600 jobs in June helped the state hold its unemployment rate steady, keeping it barely below the national average and helping people who might otherwise have been facing foreclosure a few months from now.”

 

Connecticut ranked 25th in the country in total properties with foreclosure filings for June. One in every 882 Connecticut households received a foreclosure filing during the month, ranking the state 19th among the 50 states.

 

Three counties account for bulk of state’s foreclosure activity for June

Three Connecticut counties accounted for 78 percent of all foreclosure activity in the state for June. New Haven County led the way, reporting 504 properties with foreclosure filings. Second highest total was in Fairfield County, reporting 409 properties with foreclosure filings. Hartford County registered the third highest total, reporting 345 properties with foreclosure filings. New London County came in fourth, reporting 96 properties with foreclosure filings, followed by Litchfield County, which reported 83 properties with foreclosure filings for the month.

 

Windham County posts state’s highest foreclosure rate in June

With one in every 685 households receiving a foreclosure filing in June — 1.3 times the state average — Windham County posted the highest county foreclosure rate in the state for the month. Second highest rate was in New Haven County, where one in every 691 households received a foreclosure filing — 1.3 times the state average. Fairfield County had the third highest rate, with one in every 854 households receiving a foreclosure filing — on par with the state average. Fourth highest rate was in Middlesex County, where one in every 919 households received a foreclosure filing during the month. Litchfield County came in fifth place with a rate of one in every 998 households receiving a foreclosure filing in June.

 

State a minor contributor to nation’s foreclosure total in June

Connecticut accounted for less than 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents an decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Connecticut

0

1,217

2

323

81

1,623

882

0.57

n/a

 

 

 

 

 

 

 

 

 

Fairfield

0

290

0

110

9

409

854

0.59

1.03

Hartford

0

247

1

87

10

345

1,050

0.48

0.84

Litchfield

0

65

0

10

8

83

998

0.50

0.88

Middlesex

0

61

0

16

1

78

919

0.54

0.96

New Haven

0

379

1

86

38

504

691

0.72

1.28

New London

0

88

0

2

6

96

1,206

0.41

0.73

Tolland

0

30

0

8

2

40

1,385

0.36

0.64

Windham

0

57

0

4

7

68

685

0.73

1.29

 

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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