CONNECTICUT FORECLOSURE ACTIVITY UP 34 PERCENT IN FEBRUARY

Activity Increases 1 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Connecticut reported 2,220 properties with foreclosure filings in February, a 34 percent increase from the previous month and 1 percent above the level reported for February 2008, 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 rose again in February 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 25th in the country in total properties with foreclosure filings for February. One in every 648 Connecticut housing units received a foreclosure filing during the month, the 14th highest state foreclosure rate in the nation.

 

Five counties responsible for bulk of state foreclosure activity for February

Five Connecticut counties accounted for 92 percent of all foreclosure activity in the state during February. Fairfield County led the way, reporting 737 properties with foreclosure filings for the month. New Haven County was second highest, reporting 614 properties with foreclosure filings. Third highest was Hartford County, reporting 461 properties with foreclosure filings. New London County was in fourth place, documenting 125 properties with foreclosure filings. Fifth highest total was tallied in Litchfield County, where 104 properties with foreclosure filings were reported.

 

Fairfield County posts state’s top foreclosure rate in February

With one in every 476 housing units receiving a foreclosure filing — 1.4 times the state average — Fairfield County reported the highest county foreclosure rate in the state for February. New Haven County came in second, with one in every 569 housing units receiving a foreclosure filing — 1.1 times the state average. Third highest rate was documented in Windham County, where one in every 587 housing units received a foreclosure filing during the month — 1.1 times the state average.

 

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

Connecticut accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Connecticut

0

1,793

3

118

306

2,220

648

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Fairfield

0

623

1

23

90

737

476

0.93

1.36

Hartford

0

386

0

35

40

461

789

0.56

0.82

Litchfield

0

85

0

5

14

104

800

0.55

0.81

Middlesex

0

42

0

7

9

58

1,245

0.35

0.52

New Haven

0

446

2

44

122

614

569

0.77

1.14

New London

0

108

0

0

17

125

933

0.47

0.69

Tolland

0

34

0

3

4

41

1,366

0.32

0.47

Windham

0

69

0

1

10

80

587

0.75

1.10

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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