Connecticut Foreclosure Activity Rises in October

Statewide filings up 8 percent from September; down 26 percent from year ago.

 

Connecticut reported 2,306 properties with foreclosure filings in October, up 8 percent from the previous month, but 26 percent below the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Connecticut headed upward in October, although remaining well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “As the state’s economy continues to reel from the effects of recession, escalating unemployment will be a major factor in maintaining the current high level of foreclosures into 2010.”

 

Connecticut ranked 29th highest foreclosure total in the nation for October. One in every 624 Connecticut housing units received a foreclosure filing during the month, the 20th highest foreclosure rate in the nation.

 

Windham County posts state’s top foreclosure rate in October

With one in every 489 housing units receiving a foreclosure filing — 1.3 times the state average — Windham County posted the highest county foreclosure rate in the state for October. New Haven County ranked second, reporting one in every 494 housing units receiving a foreclosure filing — 1.3 times the state average. Fairfield County had the third highest rate, with one in every 594 housing units receiving a foreclosure filing — 1.1 times the state average.

 

New Haven County tops state in foreclosure total during October

New Haven County led all counties, totaling 707 properties with foreclosure filings in October. Fairfield County was second highest, documenting 590 properties with foreclosure filings. Reporting 507 properties with foreclosure filings for the month, Hartford County was third highest in the state. New London County came in fourth, reporting 151 properties with foreclosure filings, while the fifth highest total was in Litchfield County, where 109 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Connecticut accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Connecticut

0

1,672

0

130

504

2,306

624

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Windham

0

67

0

1

28

96

489

0.79

1.28

New Haven

0

488

0

52

167

707

494

0.78

1.26

Fairfield

0

437

0

50

103

590

594

0.65

1.05

Hartford

0

381

0

15

111

507

717

0.54

0.87

Litchfield

0

80

0

3

26

109

764

0.50

0.82

 

 

Connecticut Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Connecticut

0

1,672

0

130

504

2,306

624

8.06

-25.90

 

 

 

 

 

 

 

 

 

 

New Haven

0

488

0

52

167

707

494

11.69

-21.09

Fairfield

0

437

0

50

103

590

594

9.26

-23.18

Hartford

0

381

0

15

111

507

717

5.19

-29.97

New London

0

111

0

2

38

151

772

4.14

-38.37

Litchfield

0

80

0

3

26

109

764

-13.49

-36.26

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