CONNECTICUT FORECLOSURE ACTIVITY INCREASES 113 PERCENT IN JANUARY

Activity Up 187 Percent From January 2007; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Feb. 26, 2008 – Connecticut reported 3,697 foreclosure filings in January, a 113 percent increase from the previous month and up 187 percent from January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 385 households was 1.4 times the national average, ranking it eighth among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“Employment growth within Connecticut is leveling out and personal bankruptcies have been plaguing the state for months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Considering this, the sharp increase in Connecticut foreclosures at this time comes as little surprise as the state now ranks the 17th highest foreclosure total in the nation.”

 

New Haven County tops in foreclosure filings for the month

New Haven County led the state in total foreclosure filings for the month, reporting 1,171 filings or 32 percent of all foreclosure filings in the state for January. Fairfield County came in second reporting 858 foreclosure filings. Hartford County had the third highest total with 833 foreclosure filings, followed by New London County in fourth place with 236 filings for the month.

 

Highest foreclosure rates in January posted by New Haven County

New Haven County posted the highest foreclosure rate in the state for January, one foreclosure filing for every 296 households — 1.3 times the state average and 1.8 times the national average. Windham County followed in second place with a rate of one foreclosure filing for every 299 households — 1.3 times the state average and 1.8 times the national average. Third highest rate was reported in Fairfield County, one foreclosure filing for every 404 households — on par with the state average and 1.3 times the national average.

 

State a minor contributor to nation’s total in January

Total filings in Connecticut accounted for less than 2 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

              Connecticut Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Connecticut

0

0

531

2,882

284

3,697

385

1.39

n/a

 

 

 

 

 

 

 

 

 

 

Fairfield

0

0

199

632

27

858

404

1.32

0.95

Hartford

0

0

104

667

62

833

433

1.24

0.89

Litchfield

0

0

24

150

12

186

443

1.21

0.87

Middlesex

0

0

25

120

8

153

464

1.15

0.83

New Haven

0

0

143

895

133

1,171

296

1.80

1.30

New London

0

0

2

216

18

236

486

1.10

0.79

Tolland

0

0

29

69

8

106

517

1.03

0.75

Windham

0

0

5

133

16

154

299

1.79

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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