CONNECTICUT FORECLOSURE ACTIVITY DOWN 11 PERCENT IN AUGUST

Foreclosure Activity Decreases 17 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 1,798 Connecticut properties in August, a decrease of 11 percent from the previous month and 17 percent below the level reported for August 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.

 

“In August Connecticut took back about half of its July gain in foreclosure activity, and is significantly below this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate rose for the month to 6.5 percent – its highest level in five years. Also, home prices are on the decline. These two factors taken together may indicate that this month’s decrease in activity may be more of a breather for the market than the beginning of a downward trend. Foreclosures are, after all, a lagging indicator of economic stability.”

 

Connecticut ranked 25th in the country in total properties with foreclosure filings for August. One in every 797 Connecticut households received a foreclosure filing during the month, ranking 17th among the 50 states.

 

Four counties account for bulk of state foreclosure activity for August

Four Connecticut counties accounted for 85 percent of all foreclosure activity in the state for August. New Haven County led the way, reporting 567 properties with foreclosure filings for the month. Fairfield County came in second, reporting 427 properties with foreclosure filings. Third highest was Hartford County, reporting 397 properties with foreclosure filings. New London County came in fourth place, documenting 129 properties with foreclosure filings. Litchfield County came in fifth highest, reporting 83 properties with foreclosure filings during the month.

 

New Haven County posts state’s highest foreclosure rate for August

One in every 614 New Haven households received a foreclosure filing during August — 1.3 times the state average. Second highest rate was reported by Windham County, where one in every 685 households received a foreclosure filing — 1.2 times the state average. Fairfield County documented the third highest rate in the state, with one in every 818 households receiving a foreclosure filing — on par with the state average.

 

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

Connecticut accounted for less than 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Connecticut

0

1,425

7

282

84

1,798

797

0.52

n/a

 

 

 

 

 

 

 

 

 

Fairfield

0

335

1

78

13

427

818

0.51

0.97

Hartford

0

315

0

70

12

397

912

0.46

0.87

Litchfield

0

69

1

7

6

83

998

0.42

0.80

Middlesex

0

67

0

9

5

81

885

0.47

0.90

New Haven

0

423

3

105

36

567

614

0.68

1.30

New London

0

121

1

4

3

129

898

0.46

0.89

Tolland

0

33

0

9

4

46

1,205

0.35

0.66

Windham

0

62

1

0

5

68

685

0.61

1.16

 

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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