CONNECTICUT FORECLOSURE ACTIVITY UP 85 PERCENT IN 2008

Nearly 22,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 21,925 Connecticut properties in 2008, an increase of 85 percent from 2007 and a 570 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.53 percent of all Connecticut housing units received at least one foreclosure filing during the year, up from 0.83 percent in 2007.

 

Connecticut reported 2,060 properties with foreclosure filings in December, down 6 percent from the previous month, but still a 19 percent increase over the activity level reported for December 2007.

 

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.

 

“Foreclosure activity in Connecticut nearly doubled between 2007 and 2008 as the state suffers the same economic woes as the rest of the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate ended the year around the national average, rising 2.3 percent since January 2008. Housing starts were down as were home sales and prices, all of which contribute to the upswing in foreclosure activity the state is experiencing.”

 

New Haven County reports highest foreclosure activity for 2008

New Haven County led the state in foreclosure activity, reporting 6,314 properties with foreclosure filings for all of 2008. Fairfield County came in second, reporting 5,874 properties with foreclosure filings for the year. Hartford County was third highest, reporting 5,004 properties with foreclosure filings. Fourth highest total was New London County, documenting 1,511 properties with foreclosure filings, while Litchfield County rounded out the top five, reporting 1,075 properties with foreclosure filings for the year.

 

Windham County posts state’s top foreclosure rate in 2008

With 1.82 percent of its housing units receiving at least one foreclosure filing during the year, Windham County posted the state’s top foreclosure rate in 2008. New Haven County came in second, with 1.81 percent of its housing units receiving at least one foreclosure filing. Third highest was Fairfield County, where 1.68 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Connecticut accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Connecticut

21,925

1.53

84.87

 

 

 

 

 

3

Fairfield

5,874

1.68

140.74

4

Hartford

5,004

1.38

73.63

6

Litchfield

1,075

1.30

71.18

7

Middlesex

772

1.08

57.55

2

New Haven

6,314

1.81

66.55

5

New London

1,511

1.30

77.35

8

Tolland

529

0.95

62.27

1

Windham

846

1.82

87.58

 

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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