Filings Statewide Increase 95 Percent From October 2007
IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 3,112 Connecticut properties in October, an increase of 136 percent from the previous month, and 95 percent above the level reported for October 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’s foreclosure filings more than doubled between September and October as the Constitution State reported a flattening of its job market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Of specific concern for the state are its weakening manufacturing and financial services sectors.”
Connecticut ranked 21st in the country in total properties with foreclosure filings for October. One in every 460 Connecticut housing units received a foreclosure filing during the month, ranking 11th among the 50 states.
New Haven County tops in foreclosure activity for October
New Haven County led the state reporting 896 properties with foreclosure filings for the month. Fairfield County came in second highest, reporting 768 properties with foreclosure filings. Hartford County ranked third highest, reporting 724 properties with foreclosure filings. New London County came in fourth place, documenting 245 properties with foreclosure filings.
State a minor contributor to nation’s foreclosure total in October
Connecticut accounted for 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month but was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452
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 – October 2008
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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).
Atomic Public Relations