CONNECTICUT FORECLOSURE ACTIVITY DOWN 27 PERCENT IN SEPTEMBER

Foreclosure Activity Decreases 4 Percent From September 2007

 

IRVINE, Calif. – Monday, Oct. 27, 2008 – Connecticut reported 1,318 properties with foreclosure filings in September, a 27 percent decrease from the previous month and 4 percent below the level reported for September 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.

 

Connecticut foreclosures are down both in September and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although it has increase around one percent through the first three quarters of the year, unemployment remained at around the national average for September. Plus home sales have begun to pick up throughout the state as the inventory of foreclosed properties has started selling. Both of these are contributing factors to the decline in foreclosure activity we’re seeing in Connecticut.”

 

Connecticut ranked 28th in the country in total foreclosures for the month. With one in every 1,087 households receiving a foreclosure filing, its foreclosure rate ranked 27th among the 50 states.

 

Four counties dominate state’s foreclosure activity for September

Four Connecticut counties accounted for 88 percent of all foreclosure activity in the state for September. Fairfield County led the way, reporting 454 properties with foreclosure filings for the month. New Haven County documented the state’s second highest total, reporting 317 properties with foreclosure filings. Third highest was Hartford County, reporting 284 properties with foreclosure filings. New London County came in fourth place, documenting 105 properties with foreclosure filings.

 

Fairfield County posts top foreclosure rate for September

With one in every 769 households receiving a foreclosure filing for the month — 1.4 times the state average — Fairfield County tallied the highest county foreclosure rate in the state in September. New Haven County posted the state’s second highest rate, with one in every 1,099 households receiving a foreclosure filing during the month — one par with the national average. The third highest rate in the state was reported in New London County, where one in every 1,103 households received a foreclosure filing in September.

 

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

Connecticut accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Connecticut

0

847

7

308

156

1,318

1,087

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Fairfield

0

318

1

109

26

454

769

0.62

1.41

Hartford

0

161

1

93

29

284

1,275

0.37

0.85

Litchfield

0

33

1

10

4

48

1,726

0.28

0.63

Middlesex

0

22

0

18

5

45

1,593

0.30

0.68

New Haven

0

187

1

64

65

317

1,099

0.43

0.99

New London

0

84

3

4

14

105

1,103

0.43

0.99

Tolland

0

23

0

9

3

35

1,583

0.30

0.69

Windham

0

19

0

1

10

30

1,553

0.31

0.70

 

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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