CONNECTICUT FORECLOSURE ACTIVITY DOWN 25 PERCENT IN APRIL

Activity Level Up 25 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 2,174 Connecticut properties in April, a 25 percent decline from the previous month but still 25 percent above the level reported for April 2008, 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.

 

“Foreclosures in Connecticut took a significant downturn in April but were still up over this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate has risen during the past year, it has been at a much slower rate than most states and is still 1 percent below the national average. This is an important factor in keeping foreclosure activity in check compared to many other parts of the country where unemployment is running rampant.”

 

Connecticut ranked 29th in the country in total foreclosures for the month. With one in every 662 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states for the month.

 

Five counties account for bulk of state foreclosure activity in April

Five Connecticut counties accounted for 91 percent of all foreclosure activity in the state for April. New Haven County led the way, reporting 625 properties with foreclosure filings for the month. Hartford County reported 545 properties with foreclosure filings, the state’s second highest county total. Fairfield County came in third highest, reporting 535 properties with foreclosure filings. Litchfield County came in fourth, documenting 142 properties with foreclosure filings, while the fifth highest total was in New London County, where 138 properties with foreclosure filings were reported for the month.

 

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

With one in every 559 housing units receiving a foreclosure filing — 1.2 times the state average — New Haven County posted the highest foreclosure rate in the state. Litchfield County had the second highest rate, with one in every 586 housing units receiving a foreclosure filing — 1.1 times the state average. Third highest rate was documented in Fairfield County, where one in every 655 housing units received a foreclosure filing during the month — on par with the state average.

 

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

Connecticut accounted for 1 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Connecticut

0

1,695

0

119

360

2,174

662

-24.64

25.01

 

 

 

 

 

 

 

 

 

 

Fairfield

0

452

0

21

62

535

655

-27.70

14.56

Hartford

0

404

0

62

79

545

667

-11.53

20.31

Litchfield

0

114

0

5

23

142

586

6.77

46.39

Middlesex

0

59

0

7

10

76

950

-38.21

26.67

New Haven

0

472

0

20

133

625

559

-25.24

41.08

New London

0

116

0

0

22

138

845

-34.60

28.97

Tolland

0

29

0

4

11

44

1273

-48.24

-21.43

Windham

0

49

0

0

20

69

680

-51.06

23.21

 

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.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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