Connecticut Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings increase from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in Connecticut rose 17 percent during the first quarter of 2010, and was up 19 percent from the same period last year. In all, the state reported 6,991 properties with foreclosure filings during the quarter.

 

For March, the state reported 2,793 properties with foreclosure filings, a 22 percent increase from the previous month, but 3 percent below the level reported in March 2009. One in every 517 Connecticut housing units received a foreclosure filing during the month, the 17th highest state foreclosure rate.

 

“Connecticut foreclosures rose again for the third consecutive quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 44 percent during the first quarter of 2010. While unemployment remains below the national average, it is still rising. Both of these are major contributing factors to the overall increase in foreclosure activity.”

 

Connecticut ranked 27th in the country in total foreclosures for the first quarter. With one in every 206 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Windham County posts top foreclosure rate for the first quarter

Windham County posted the highest county foreclosure rate in the state during the first quarter, as one in every 173 housing units received a foreclosure filing — 1.2 times the state average. New Haven County came in second, with one in every 174 housing units receiving a foreclosure filing — 1.2 times the state average. With one in every 188 housing units receiving a foreclosure filing — 1.1 times the state average — Fairfield County came in third highest.

 

New Haven County led state in total foreclosures for the first quarter

New Haven County documented 2,010 properties with foreclosure filings, leading all counties in the state in foreclosure activity for the quarter. Fairfield County was second, reporting 1,874 properties with foreclosure filings. Reporting 1,498 properties with foreclosure filings, Hartford County came in third. New London County came in fourth, reporting 466 properties with foreclosure filings. Litchfield County was fifth highest, reporting 398 properties with foreclosure filings for the quarter.

 

State a minor contributor to the nation’s quarterly foreclosure total

Connecticut accounted for less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 Top Foreclosure Rates by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Connecticut

0

4,663

0

315

2,013

6,991

206

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Windham

0

172

0

7

94

273

173

0.80

1.20

New Haven

0

1,317

0

79

614

2,010

174

0.80

1.19

Fairfield

0

1,285

0

65

524

1,874

188

0.74

1.10

Litchfield

0

257

0

20

121

398

210

0.66

0.98

Hartford

0

1,003

0

91

404

1,498

243

0.57

0.85

 

 

Connecticut Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Connecticut

0

4,663

0

315

2,013

6,991

206

17.44

18.98

 

 

 

 

 

 

 

 

 

 

New Haven

0

1,317

0

79

614

2,010

174

16.66

15.12

Fairfield

0

1,285

0

65

524

1,874

188

17.13

20.44

Hartford

0

1,003

0

91

404

1,498

243

17.03

16.21

New London

0

299

0

17

150

466

251

18.27

17.38

Litchfield

0

257

0

20

121

398

210

23.60

43.17

 

 

 

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