CONNECTICUT FORECLOSURE ACTIVITY DOWN 29 PERCENT IN NOVEMBER

Foreclosure Activity Increases 71 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Connecticut reported 2,195 properties with foreclosure filings in November, a 29 percent decrease from the previous month but still 71 percent above of the level reported for November 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.

 

“After more than doubling in October, foreclosure activity in Connecticut receded in November, but is still well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, statewide unemployment remained on par with the national average in November, home prices are running in the red, and home sales declined nearly 30 percent during the past year. These factors taken together could mean more foreclosures are in Connecticut’s future.”

 

Connecticut ranked 23rd in the country in total foreclosures for the month. With one in every 653 housing units receiving a foreclosure filing, its foreclosure rate ranked 16th among the 50 states.

 

Five counties dominate state’s foreclosure activity for November

Five Connecticut counties accounted for 90 percent of all foreclosure activity in the state for November. New Haven County led the way, reporting 664 properties with foreclosure filings for the month. Fairfield County documented the state’s second highest total, reporting 509 properties with foreclosure filings. Third highest was Hartford County, reporting 487 properties with foreclosure filings. New London County came in fourth highest, documenting 197 properties with foreclosure filings, followed by Litchfield County reporting 121 properties with foreclosure filings.

 

Windham County posts top foreclosure rate for November

With one in every 439 housing units receiving a foreclosure filing for the month — 1.5 times the state average and 1.1 times the national average — Windham County tallied the highest county foreclosure rate in the state in November. New Haven County posted the state’s second highest rate, with one in every 525 housing units receiving a foreclosure filing during the month — 1.2 times the state average. The third highest rate in the state was reported in New London County, where one in every 588 housing units received a foreclosure filing — 1.1 times the state average.

 

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

Connecticut accounted for 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Connecticut

0

1,286

0

455

454

2,195

653

0.75

n/a

 

 

 

 

 

 

 

 

 

Fairfield

0

261

0

168

80

509

686

0.71

0.95

Hartford

0

310

0

87

90

487

744

0.66

0.88

Litchfield

0

82

0

17

22

121

685

0.71

0.95

Middlesex

0

46

0

16

10

72

996

0.49

0.66

New Haven

0

388

0

115

161

664

525

0.93

1.24

New London

0

108

0

35

54

197

588

0.83

1.11

Tolland

0

22

0

8

9

39

1,421

0.34

0.46

Windham

0

69

0

9

28

106

439

1.11

1.48

 

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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